<SEC-DOCUMENT>0001654954-17-011471.txt : 20171211
<SEC-HEADER>0001654954-17-011471.hdr.sgml : 20171211
<ACCEPTANCE-DATETIME>20171211135628
ACCESSION NUMBER:		0001654954-17-011471
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20171211
FILED AS OF DATE:		20171211
DATE AS OF CHANGE:		20171211

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:		171249153

	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>irsacompleto1erq18.htm
<DESCRIPTION>IQ18 FINANCIAL STATEMENTS
<TEXT>
<html>
<head>
<!-- Document created using Blueprint(R) - powered by Issuer Direct - www.issuerdirect.com -->
<!-- Copyright 2017 Issuer Direct Corporation -->
<title>Blueprint</title>
</head>
<body style="font-family: Times New Roman; font-size: 13px;">
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #808080; font-family: Times New Roman; font-size: 24px">
IRSA Inversiones y Representaciones Sociedad
An&#xF3;nima</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #808080; font-family: Times New Roman; font-size: 16px">
Unaudited Condensed Interim Consolidated Financial Statements as of
September 30, 2017 and for the three-month periods ended as of that
date, presented comparatively</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>

<div id="pn" style="text-align: center"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr"><br>
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
&#xA0; <font style="font-family: Times New Roman; font-size: 13px"><br></font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Legal information</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 11px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">Denomination:</font> IRSA Inversiones y
Representaciones Sociedad An&#xF3;nima.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 11px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">Fiscal year N&#xB0;</font>:<font style="font-weight: bold">&#xA0;</font>75, beginning on July 1st,
2017.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 11px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">Legal address:</font> 108 Bol&#xED;var St., 1st
floor, Autonomous City of Buenos Aires, Argentina.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 11px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">Company activity:</font> Real estate investment
and development.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 11px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">Date of registration of the by-laws in the
Public Registry of Commerce:</font> June 23, 1943.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 11px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold; color: #000000">Date of registration of last
amendment of the by-laws in the Public Registry of Commerce:</font>
<font style="color: #000000">August 7, 2017.</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 11px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold; color: #000000">Expiration of the
Company&#x2019;s by-laws:</font> <font style="color: #000000">April
5, 2043.</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 11px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold; color: #000000">Registration number with the
Superintendence:</font> <font style="color: #000000">213,036.</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 11px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold; color: #000000">Capital:</font> <font style="color: #000000">578,676,460 shares.</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 11px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">Common Stock subscribed, issued and paid up (in
millions of Ps.):</font><font style="font-weight: bold; color: #000000">&#xA0;</font><font style="color: #000000">579.</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 11px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">Parent Company:</font> Cresud Sociedad
An&#xF3;nima, Comercial, Inmobiliaria, Financiera y
Agropecuaria</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 11px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">(Cresud
S.A.C.I.F. y A.).</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 11px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">Legal Address:</font> 877 Moreno St., 23rd.
floor, Autonomous City of Buenos Aires, Argentina.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 11px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">Main activity:</font> Real estate,
agricultural, commercial and financial activities.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 11px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">Direct and indirect interest of the Parent
Company on the capital stock:</font> 366,788,243 common
shares.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 11px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">Percentage of votes of the Parent Company
(direct and indirect interest) on the shareholders&#x2019;
equity:</font> 63.76% (1).</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td rowspan="2" style="vertical-align: bottom; width: 47%; border-left: 2.25pt double rgb(0, 0, 0); border-top: 2.25pt double rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Type of
stock</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 53%; border-left: 0.75pt solid #000000; border-right: 2.25pt double #000000; border-top: 2.25pt double #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">CAPITAL
STATUS</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 28%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Shares
authorized for Public Offering (2)</font></div>
</td>
<td style="vertical-align: bottom; width: 25%; border-left: 0.75pt solid #000000; border-right: 2.25pt double #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Subscribed, issued
and paid up</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">(in
millions of Pesos)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 47%; border-left: 2.25pt double #000000; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Common
stock with a face value of Ps. 1 per share and entitled to 1 vote
each</font></div>
</td>
<td style="vertical-align: middle; width: 28%; border-left: 0.75pt solid #000000; border-bottom: 4px double #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">578,676,460</font></div>
</td>
<td style="vertical-align: middle; width: 25%; border-left: 0.75pt solid #000000; border-right: 2.25pt double #000000; border-bottom: 4px double #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">579</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">(1) For
computation purposes, Treasury shares have been
subtracted.</font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">(2)
Company not included in the Optional Statutory System of Public
Offer of Compulsory Acquisition.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>

<div id="pn" style="text-align: center"><font style="font-family: Arial;">&#xA0;</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Index</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 91%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Glossary<br></font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 91%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Unaudited Condensed
Interim Consolidated Statements of Financial Position</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">2</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 91%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Unaudited Condensed
Interim Consolidated Statements of Income</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">3</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 91%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Unaudited Condensed
Interim Consolidated Statements of Comprehensive
Income</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">4</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 91%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Unaudited Condensed
Interim Consolidated Statements of Changes in Shareholders&#x2019;
Equity</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">5</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 91%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Unaudited Condensed
Interim Consolidated Statements of Cash Flows</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">7</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 91%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Notes
to the Unaudited Condensed Interim Consolidated Financial
Statements:</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 91%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -12px;">
<font style="font-family: Times New Roman; font-size: 13px">Note 1
&#x2013; The Group&#x2019;s business and general
information</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">8</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 91%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -12px;">
<font style="font-family: Times New Roman; font-size: 13px">Note 2
&#x2013; Summary of significant accounting policies</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">9</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 91%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -12px;">
<font style="font-family: Times New Roman; font-size: 13px">Note 3
&#x2013; Seasonal effects on operations</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">11</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 91%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -12px;">
<font style="font-family: Times New Roman; font-size: 13px">Note 4
&#x2013; Acquisitions and dispositions</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">12</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 91%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -12px;">
<font style="font-family: Times New Roman; font-size: 13px">Note 5
&#x2013; Financial risk management and fair value
estimates</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">13</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 91%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -12px;">
<font style="font-family: Times New Roman; font-size: 13px">Note 6
&#x2013; Segment information</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">13</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 91%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -12px;">
<font style="font-family: Times New Roman; font-size: 13px">Note 7
&#x2013; Information about the main subsidiaries</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">17</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 91%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -12px;">
<font style="font-family: Times New Roman; font-size: 13px">Note 8
&#x2013; Investments in associates and joint ventures</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">18</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 91%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -12px;">
<font style="font-family: Times New Roman; font-size: 13px">Note 9
&#x2013; Investment properties</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">20</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 91%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -12px;">
<font style="font-family: Times New Roman; font-size: 13px">Note 10
&#x2013; Property, plant and equipment</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">20</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 91%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -12px;">
<font style="font-family: Times New Roman; font-size: 13px">Note 11
&#x2013; Trading properties</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">21</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 91%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -12px;">
<font style="font-family: Times New Roman; font-size: 13px">Note 12
&#x2013; Intangible assets</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">21</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 91%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -12px;">
<font style="font-family: Times New Roman; font-size: 13px">Note 13
&#x2013; Financial instruments by category</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">22</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 91%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -12px;">
<font style="font-family: Times New Roman; font-size: 13px">Note 14
&#x2013; Trade and other receivables</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">25</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 91%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -12px;">
<font style="font-family: Times New Roman; font-size: 13px">Note 15
&#x2013; Cash flow information</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">25</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 91%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -12px;">
<font style="font-family: Times New Roman; font-size: 13px">Note 16
&#x2013; Trade and other payables</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">26</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 91%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -12px;">
<font style="font-family: Times New Roman; font-size: 13px">Note 17
&#x2013; Borrowings</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">27</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 91%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -12px;">
<font style="font-family: Times New Roman; font-size: 13px">Note 18
&#x2013; Provisions</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">28</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 91%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -12px;">
<font style="font-family: Times New Roman; font-size: 13px">Note 19
&#x2013; Taxes</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">28</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 91%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -12px;">
<font style="font-family: Times New Roman; font-size: 13px">Note 20
&#x2013; Revenues</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">29</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 91%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -12px;">
<font style="font-family: Times New Roman; font-size: 13px">Note 21
&#x2013; Expenses by nature</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">29</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 91%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -12px;">
<font style="font-family: Times New Roman; font-size: 13px">Note 22
&#x2013; Other operating results, net</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">30</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 91%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -12px;">
<font style="font-family: Times New Roman; font-size: 13px">Note 23
&#x2013; Financial results, net</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">30</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 91%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -12px;">
<font style="font-family: Times New Roman; font-size: 13px">Note 24
&#x2013; CNV General Resolution N&#xB0; 622</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">30</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 91%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -12px;">
<font style="font-family: Times New Roman; font-size: 13px">Note 25
&#x2013; Related party transactions</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">31</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 91%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -12px;">
<font style="font-family: Times New Roman; font-size: 13px">Note 26
&#x2013; Foreign currency assets and liabilities</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">34</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 91%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -12px;">
<font style="font-family: Times New Roman; font-size: 13px">Note 27
&#x2013; Groups of assets and liabilities held for sale</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">35</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 91%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -12px;">
<font style="font-family: Times New Roman; font-size: 13px">Note 28
&#x2013; Results from discontinued operations</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">35</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 91%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -12px;">
<font style="font-family: Times New Roman; font-size: 13px">Note 29
&#x2013; Subsequent Events</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">35</font></div>
</td>
</tr></table>
</div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-size: 13px;">Glossary</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 60px;">
<font style="font-size: 13px;">The followings are not technical
definitions, but help the reader to understand certain terms used
in the wording of the notes to the Group&#xB4;s Financial
Statements.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 13px;">
<tr>
<td style="vertical-align: bottom; width: 34%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-size: 13px;">Terms</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 63%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-size: 13px;">Definitions</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 34%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Adama</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 63%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Adama Agricultural Solutions
Ltd.</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 34%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">BACS</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 63%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Banco de Cr&#xE9;dito y
Securitizaci&#xF3;n S.A.</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 34%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Baicom</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 63%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Baicom Networks
S.A.</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 34%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">BCRA</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 63%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Central Bank of the Argentine
Republic</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 34%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">BHSA</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 63%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Banco Hipotecario S.A.</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 34%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Cellcom</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 63%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Cellcom Israel Ltd.</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 34%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Clal</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 63%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Clal Holdings Insurance Enterprises
Ltd.</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 34%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">CNV</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 63%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Securities Exchange
Commission</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 34%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Condor</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 63%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Condor Hospitality Trust
Inc.</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 34%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Cresud</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 63%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Cresud S.A.C.I.F. y A.</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 34%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Cyrsa</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 63%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Cyrsa S.A.</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 34%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">DIC</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 63%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Discount Investment Corporation
Ltd.</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 34%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Dolphin</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 63%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Dolphin Fund Ltd. and Dolphin
Netherlands B.V.</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 34%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Financial Statements</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 63%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Unaudited Condensed Interim
Consolidated Financial Statements</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 34%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Annual Financial
Statements</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 63%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Consolidated Financial Statements as
of June 30, 2017</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 34%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">CPF</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 63%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Collective Promotion
Funds</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 34%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">IASB</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 63%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">International Accounting Standards
Board</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 34%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">IDB Tourism</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 63%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">IDB Tourism (2009) Ltd</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 34%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">IDBD</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 63%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">IDB Development Corporation
Ltd.</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 34%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">IFISA</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 63%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Inversiones Financieras del Sur
S.A.</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 34%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">IRSA, The Company&#x201D;,
&#x201C;Us&#x201D;, &#x201C;We&#x201D;</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 63%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">IRSA Inversiones y Representaciones
Sociedad An&#xF3;nima</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 34%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">IRSA CP</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 63%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">IRSA Propiedades Comerciales
S.A.</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 34%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Israir</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 63%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Israir Airlines &amp; Tourism
Ltd.</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 34%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Lipstick</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 63%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Lipstick Management LLC</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 34%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">LRSA</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 63%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">La Rural S.A.</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 34%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Metropolitan</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 63%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Metropolitan 885 Third Avenue
Leasehold LLC</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 34%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">MPIT</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 63%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Minimum Presumed Income
Tax</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 34%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">New Lipstick</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 63%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">New Lipstick LLC</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 34%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">IAS</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 63%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">International Accounting
Standards</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 34%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">IFRS</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 63%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">International Financial Reporting
Standards</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 34%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">NIS</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 63%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">New Israeli Shekel</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 34%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">NPSF</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 63%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Nuevo Puerto Santa Fe
S.A.</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 34%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">NCN</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 63%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Non-Convertible Notes</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 34%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">PBC</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 63%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Property &amp; Building Corporation
Ltd.</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 34%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">PBEL</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 63%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">PBEL Real Estate LTD</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 34%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Quality</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 63%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Quality Invest S.A.</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 34%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Shufersal</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 63%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Shufersal Ltd.</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 34%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Tarshop</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 63%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Tarshop S.A.</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-size: 11px;">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Arial; font-size: 13px">1</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr"><font style="font-size: 11px;">&#xA0;</font></div>
<div id="hdr" style="text-align: center"><font style="font-size: 11px;">&#xA0;</font><font style="font-size: 16px;"><font style="font-weight: bold">IRSA Inversiones
y Representaciones Sociedad An&#xF3;nima</font></font></div>
</div>
<div style="text-align: center; margin-left: 36px; margin-right: 11px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Unaudited
Condensed Interim Consolidated Statements of Financial
Position</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-weight: bold; font-size: 13px;">as of
September 30, 2017 and June 30, 2017</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-size: 13px;">(All amounts in millions, except
otherwise indicated)</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-size: 13px;">Free translation from the original
prepared in Spanish for publication in Argentina</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 13px;">
<tr>
<td style="vertical-align: middle; width: 66%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Note</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">09.30.2017</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">06.30.2017</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 66%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-size: 13px;">ASSETS</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 66%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-size: 13px;">Non-current
assets</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 66%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Investment properties</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">9</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">102,978</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">99,953</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 66%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Property, plant and
equipment</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">10</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">27,135</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">27,113</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 66%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Trading properties</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">11</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">3,204</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">4,532</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 66%">
<div style="text-align: left; margin-left: 36px; margin-right: 7px; text-indent: 0px;">
<font style="font-size: 13px;">Intangible assets</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">12</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">12,058</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">12,387</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 66%">
<div style="text-align: left; margin-left: 36px; margin-right: 10px; text-indent: 0px;">
<font style="font-size: 13px;">Investments in associates and joint
ventures</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">8</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">8,049</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">7,885</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 66%">
<div style="text-align: left; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-size: 13px;">Deferred income tax
assets</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">19</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">262</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">285</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 66%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Income tax and MPIT
credit</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">145</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">145</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 66%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Restricted assets</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">13</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">735</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">448</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 66%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Trade and other
receivables</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">14</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">5,085</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">4,974</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 66%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Investments in financial
assets</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">13</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">1,207</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">1,772</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 66%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Financial assets held for
sale</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">13</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">6,287</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">6,225</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 66%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Derivative financial
instruments</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">13</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">31</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 66%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-size: 13px;">Total non-current
assets</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">167,145</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">165,750</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 66%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-size: 13px;">Current
assets</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 66%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Trading properties</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">11</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">3,333</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">1,249</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 66%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Inventories</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">3,533</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">4,260</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 66%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Restricted assets</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">13</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">986</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">506</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 66%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Income tax and MPIT
credit</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">395</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">339</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 66%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Group of assets held for
sale</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">27</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">2,819</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">2,681</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 66%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Trade and other
receivables</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">14</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">16,543</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">17,264</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 66%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Investments in financial
assets</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">13</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">16,156</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">11,951</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 66%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Financial assets held for
sale</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">13</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">2,366</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">2,337</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 66%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Derivative financial
instruments</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">13</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">46</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">51</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 66%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Cash and cash
equivalents</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">13</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">26,032</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">24,854</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 66%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-size: 13px;">Total current
assets</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">72,209</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">65,492</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 66%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-size: 13px;">TOTAL
ASSETS</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">239,354</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">231,242</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 66%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-size: 13px;">SHAREHOLDERS&#x2019;
EQUITY</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 66%">
<div style="text-align: justify; margin-left: 36px; margin-right: 4px; text-indent: 0px;">
<font style="font-weight: bold; font-size: 13px;">Capital and
reserves attributable to equity holders of the parent</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 66%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Share capital</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">575</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">575</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 66%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Treasury shares</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">4</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">4</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 66%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Inflation adjustment of share
capital and treasury shares</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">123</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">123</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 66%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Share premium</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">793</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">793</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 66%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Additional paid-in capital from
treasury shares</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">17</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">17</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 66%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Legal reserve</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">143</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">143</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 66%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Special reserve</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">2,751</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">2,751</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 66%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Other reserves</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">1,855</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">2,165</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 66%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Retained earnings</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">19,846</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">19,293</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 66%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-size: 13px;">Total
attributable to equity holders of the parent</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">26,107</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">25,864</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 66%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Non-controlling
interest</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">20,799</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">21,472</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 66%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-size: 13px;">TOTAL
SHAREHOLDERS&#x2019; EQUITY</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">46,906</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">47,336</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 66%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-size: 13px;">LIABILITIES</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 66%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-size: 13px;">Non-current
liabilities</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 66%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Trade and other
payables</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">16</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">2,127</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">3,040</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 66%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Borrowings</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">17</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">120,340</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">109,489</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 66%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Derivative financial
instruments</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">13</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">86</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">86</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 66%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Deferred income tax
liabilities</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">19</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">24,223</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">23,024</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 66%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Income tax and
MPIT liabilities</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">62</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 66%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Employee benefits</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">749</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">763</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 66%">
<div style="text-align: left; margin-left: 36px; margin-right: -14px; text-indent: 0px;">
<font style="font-size: 13px;">Salaries and social security
liabilities</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">84</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">127</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 66%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Provisions</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">18</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">739</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">943</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 66%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-size: 13px;">Total non-current
liabilities</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">148,410</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">137,472</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 66%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-size: 13px;">Current
liabilities</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 66%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Trade and other
payables</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">16</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">19,570</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">20,839</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 66%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Group of liabilities held for
sale</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">27</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">2,022</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">1,855</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 66%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Salaries and social security
liabilities</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">1,997</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">2,041</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 66%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Borrowings</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">17</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">18,888</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">19,926</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 66%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Derivative financial
instruments</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">13</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">84</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">86</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 66%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Provisions</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">18</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">914</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">890</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 66%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Income tax and MPIT
liabilities</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">563</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">797</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 66%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-size: 13px;">Total current
liabilities</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">44,038</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">46,434</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 66%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-size: 13px;">TOTAL
LIABILITIES</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">192,448</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">183,906</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 66%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-size: 13px;">TOTAL
SHAREHOLDERS&#x2019; EQUITY AND LIABILITIES</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">239,354</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">231,242</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">The accompanying notes are an
integral part of these Unaudited Condensed Interim Consolidated
Financial Statements.</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: center; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: center; width: 100%; font-size: 13px;">
<tr>
<td style="vertical-align: top; width: 0%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 100%;">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; margin-left: 24px; margin-right: 0px; text-indent: -12px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;.</font></div>
<div style="text-align: center; margin-left: 504px; margin-right: 0px; text-indent: -24px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Fernando A.
Elsztain</font></div>
<div style="text-align: center; margin-left: 504px; margin-right: 0px; text-indent: -24px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Director acting
as</font></div>
<div style="text-align: center; margin-left: 504px; margin-right: 0px; text-indent: -24px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">President</font></div>
</td>
</tr></table>
</div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">&#xA0;
<font style="font-size: 13px;"><br></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px;">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Arial; font-size: 13px">2</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: center; margin-left: 0px; margin-right: 11px; text-indent: 0px">
<font style="font-size: 16px;"><font style="font-weight: bold">IRSA
Inversiones y Representaciones Sociedad
An&#xF3;nima</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%; border-bottom: solid 1px #000000">
<!--Rule Below Paragraph--></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px;">&#xA0;</font></div>
</div>
</div>
<div style="text-align: center; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; font-size: 13px;">Unaudited
Condensed Interim Consolidated Statements of Income</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; font-size: 13px;">for the
three-month periods ended September 30, 2017 and 2016</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-size: 13px;">(All amounts in millions, except
otherwise indicated)</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-size: 13px;">Free translation from the original
prepared in Spanish for publication in Argentina</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 13px;">
<tr>
<td style="vertical-align: middle; width: 65%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Note</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">09.30.2017</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-weight: bold; font-size: 13px;">09.30.2016(recast)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 65%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Revenues</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">20</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">20,213</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">17,787</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 65%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Costs</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">21</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(13,727)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(12,326)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 65%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Gross
profit</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">6,486</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">5,461</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 65%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Net gain from
fair value adjustment of investment properties</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">9</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">3,404</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">1,396</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 65%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">General and
administrative expenses</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">21</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(995)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(852)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 65%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Selling
expenses</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">21</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(3,561)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(3,169)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 65%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Other operating
results, net</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">22</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">24</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(69)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 65%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-size: 13px;"><font style="color: #000000; font-size: 13px">Profit from
operations</font></font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">5,358</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">2,767</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 65%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Share of profit
of associates and joint ventures</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">8</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">398</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">9</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 65%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Profit
before financial results and income tax</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">5,756</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">2,776</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 65%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Finance
income</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">23</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">295</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">280</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 65%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Finance costs
(i)</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">23</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(5,043)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(2,031)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 65%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Other financial
results</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">23</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">293</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">262</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 65%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-size: 13px;">Financial
results, net</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">(4,455)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">(1,489)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 65%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-size: 13px;">Profit before
income tax</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">1,301</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">1,287</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 65%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;"><font style="color: #000000; font-size: 13px">Income tax</font></font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">19</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(1,240)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(592)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 65%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-size: 13px;"><font style="color: #000000">Profit</font> <font style="color: #000000">for the
period from continuing operations</font></font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">61</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">695</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 65%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Profit / (Loss)
for the period from discontinued operations</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">28</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">13</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(351)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 65%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Profit
for the period</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">74</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">344</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 65%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 65%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Attributable
to:</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 65%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Equity holders of the
parent</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">553</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">200</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 65%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Non-controlling
interest</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(479)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">144</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 65%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 65%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-size: 13px;">Profit for the
period per share <font style="color: #000000">attributable to
equity holders of the parent:</font></font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 65%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Basic</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">0.96</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">0.35</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 65%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Diluted</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">0.96</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">0.35</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 65%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 65%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 65%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-size: 13px;">Profit / (loss)
from continuing operations <font style="color: #000000">attributable to:</font></font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 65%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Equity holders of the
parent</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">545</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">459</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 65%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Non-controlling
interest</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(484)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">236</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 65%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 65%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 65%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-size: 13px;"><font style="font-size: 13px">Profit per share from continuing operations
attributable to equity holders of the parent</font>:</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 65%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Basic</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">0.95</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">0.80</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 65%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Diluted</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">0.94</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">0.79</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 65%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 65%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-size: 13px;">Profit / (Loss)
from discontinued operations attributable to:</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 65%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Equity holders of the
parent</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">8</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(259)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 65%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Non-controlling
interest</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">5</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(92)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 65%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 65%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-size: 13px;"><font style="font-size: 13px">Profit / (Loss) from discontinued operations
attributable to equity holders of the parent</font>:</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 65%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Basic</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">0.01</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(0.45)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 65%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Diluted</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">0.01</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(0.45)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: -36px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">The
accompanying notes are an integral part of these Unaudited
Condensed Interim Consolidated Financial Statements.</font></div>
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: -36px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">The previous
period has been recast due to the change in the accounting policy
for investment properties described in Note 2.1.b.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 36px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 12px">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(i)</font></div>
<div style="text-align: justify; display: table-cell"><font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;&#xA0;&#xA0;As of
September 30, 2017, it includes Ps. (2,228) which corresponds
DIC&#x2019;s debt exchange (see Note 17).</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: center; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: center; width: 100%; font-size: 13px;">
<tr>
<td style="vertical-align: top; width: 0%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 100%;">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 12px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;.</font></div>
<div style="text-align: center; margin-left: 480px; margin-right: 0px; text-indent: 12px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Fernando A.
Elsztain</font></div>
<div style="text-align: center; margin-left: 480px; margin-right: 0px; text-indent: 12px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Director acting
as</font></div>
<div style="text-align: center; margin-left: 480px; margin-right: 0px; text-indent: 12px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">President</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px;">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Arial; font-size: 13px">3</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: center; margin-left: 0px; margin-right: 11px; text-indent: 0px">
<font style="font-size: 16px;"><font style="font-weight: bold">IRSA
Inversiones y Representaciones Sociedad
An&#xF3;nima</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%; border-bottom: solid 1px #000000">
<!--Rule Below Paragraph--></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px;">&#xA0;</font></div>
</div>
</div>
<div style="text-align: center; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; font-size: 13px;">Unaudited
Condensed Interim Consolidated Statements of Comprehensive
Income</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-size: 13px;">for the
three-month periods ended September 30, 2017 and 2016</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">(All amounts in millions, except
otherwise indicated)</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Free translation from the original
prepared in Spanish for publication in Argentina</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 13px;">
<tr>
<td style="vertical-align: middle; width: 68%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">09.30.2017</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-weight: bold; font-size: 13px;">09.30.2016(recast)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 68%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-size: 13px;">Profit for the
period</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">74</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">344</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 68%;">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-size: 13px;">Other
comprehensive (loss) / income:</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 68%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-style: italic; font-size: 13px;">Items
that may be reclassified subsequently to profit or
loss:</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 68%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Cumulative translation
adjustment</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(343)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">509</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 68%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Change in the fair value of hedging
instruments net of income taxes</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(9)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">56</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 68%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-style: italic; font-size: 13px;">Items
that may not be reclassified subsequently to profit or loss, net of
income tax:</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 68%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Actuarial loss from defined
contribution plans</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(13)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">(<font style="color: #000000">22)</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 68%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Other loss
generated by associates</font></div>
</td>
<td style="vertical-align: middle; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(3)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 68%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Other
comprehensive (loss) / income for the period from continuing
operations</font></div>
</td>
<td style="vertical-align: middle; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">(365)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">540</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 68%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Other
comprehensive loss for the period from discontinued
operations</font></div>
</td>
<td style="vertical-align: middle; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(86)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 68%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Total
other comprehensive (loss) / income for the period</font></div>
</td>
<td style="vertical-align: middle; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">(451)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">540</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 68%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Total
comprehensive (loss) / income for the period</font></div>
</td>
<td style="vertical-align: middle; width: 16%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">(377)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">884</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 68%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Total
comprehensive (loss) / income for the period from continuing
operations</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(304)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">1,235</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 68%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Total
comprehensive loss for the period from discontinued
operations</font></div>
</td>
<td style="vertical-align: middle; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(73)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(351)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 68%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Total
comprehensive (loss) / income for the period</font></div>
</td>
<td style="vertical-align: middle; width: 16%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">(377)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">884</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 68%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 68%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Attributable
to:</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 68%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Equity holders of the
parent</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-size: 13px;">272</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">428</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 68%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Non-controlling
interest</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(649)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">456</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 68%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 68%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-size: 13px;">Total
comprehensive (loss) / income from continuing operations
<font style="color: #000000">attributable to:</font></font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 68%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Equity holders of the
parent</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">321</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">687</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 68%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Non-controlling
interest</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(625)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">548</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 68%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 68%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-size: 13px;">Total
comprehensive loss from discontinued operations <font style="color: #000000">attributable to:</font></font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 68%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Equity holders of the
parent</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(49)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">(<font style="color: #000000">259)</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 68%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Non-controlling
interest</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(24)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">(<font style="color: #000000">92)</font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: -36px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;The
accompanying notes are an integral part of these Unaudited
Condensed Interim Consolidated Financial Statements.</font></div>
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: -36px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;The
previous period has been recast due to the change in the accounting
policy for investment properties described in Note
2.1.b.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 13px;">
<tr>
<td style="vertical-align: top; width: 0%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 100%;">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;.</font></div>
<div style="text-align: center; margin-left: 480px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Fernando A.
Elsztain</font></div>
<div style="text-align: center; margin-left: 480px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Director acting
as</font></div>
<div style="text-align: center; margin-left: 480px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">President</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px;">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Arial; font-size: 13px">4</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: center; margin-left: 0px; margin-right: 11px; text-indent: 0px">
<font style="font-size: 16px;"><font style="font-weight: bold">IRSA
Inversiones y Representaciones Sociedad
An&#xF3;nima</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%; border-bottom: solid 1px #000000">
<!--Rule Below Paragraph--></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px;">&#xA0;</font></div>
</div>
</div>
<div style="text-align: center; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; font-size: 13px;">Unaudited
Condensed Interim Consolidated Statements of Changes in
Shareholders&#x2019; Equity</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; font-size: 13px;">for the
three-month period ended September 30, 2017</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-size: 13px;">(All amounts in millions, except
otherwise indicated)</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Free
translation from the original prepared in Spanish for publication
in Argentina</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 13px;">
<tr>
<td style="vertical-align: middle; width: 19%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td colspan="10" style="vertical-align: middle; width: 66%; border-top: 1pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Attributable
to equity holders of the parent</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 19%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-size: 13px;">Share
capital</font></div>
</td>
<td style="vertical-align: middle; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-size: 13px;">Treasury
shares</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: center"><font style="font-weight: bold; font-size: 13px;">Inflation
adjustment</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-size: 13px;">of share capital
and treasury shares (1)</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-size: 13px;">Share
premium</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Additional
paid-in capital from treasury shares</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-size: 13px;">Legal</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-size: 13px;">reserve</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-size: 13px;">Special</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-size: 13px;">reserve
(2)</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Other
reserves</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: center"><font style="font-weight: bold; font-size: 13px;">Retained
earnings</font></div>
</td>
<td style="vertical-align: middle; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Subtotal</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-size: 13px;">Non-controlling
interest</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-size: 13px;">Total
Shareholders&#x2019; equity</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: justify; margin-left: 48px; margin-right: 0px; text-indent: -12px;">
<font style="color: rgb(0, 0, 0); font-weight: bold; font-size: 13px;">Balance
as of July 1, 2017</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">575</font></div>
</td>
<td style="vertical-align: middle; width: 5%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">4</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">123</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">793</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">17</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">143</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">2,751</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">2,165</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">19,293</font></div>
</td>
<td style="vertical-align: middle; width: 5%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">25,864</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">21,472</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">47,336</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: justify; margin-left: 48px; margin-right: 0px; text-indent: -12px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Profit / (loss)
for the period</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">553</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">553</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(479)</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">74</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: justify; margin-left: 48px; margin-right: 0px; text-indent: -12px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Other
comprehensive loss for the period</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(281)</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(281)</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(170)</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(451)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Total
comprehensive (loss) / income for the period</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-weight: bold; font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-weight: bold; font-size: 13px;">(281)</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">553</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">272</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-weight: bold; font-size: 13px;">(649)</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-weight: bold; font-size: 13px;">(377)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: justify; margin-left: 48px; margin-right: 0px; text-indent: -12px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Issuance of
capital</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 36px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">2</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">2</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: justify; margin-left: 48px; margin-right: 0px; text-indent: -12px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Share-based
compensation</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">1</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">1</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">18</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">19</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: justify; margin-left: 48px; margin-right: 0px; text-indent: -12px;">
<font style="font-size: 13px;">Dividends distribution</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">1</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">1</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: justify; margin-left: 48px; margin-right: 0px; text-indent: -12px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Changes in
non-controlling interest</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(30)</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(30)</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(45)</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(75)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: justify; margin-left: 48px; margin-right: 0px; text-indent: -12px;">
<font style="color: rgb(0, 0, 0); font-weight: bold; font-size: 13px;">Balance
as of September 30, 2017</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">575</font></div>
</td>
<td style="vertical-align: middle; width: 5%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">4</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">123</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">793</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">17</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">143</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">2,751</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">1,855</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">19,846</font></div>
</td>
<td style="vertical-align: middle; width: 5%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">26,107</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">20,799</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">46,906</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;&#xA0;Group&#x2019;s other
reserves for the period ended September 30, 2017 are comprised as
follows:</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 13px;">
<tr>
<td style="vertical-align: bottom; width: 20%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: center"><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Cost
of</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">treasury
stock</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 2px solid #000000">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Changes
in non-controlling interest</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 2px solid #000000">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Reserve
for share-based payments</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 2px solid #000000">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Reserve</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">for
future dividends</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 2px solid #000000">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-weight: bold; font-size: 13px;">Cumulative
translation adjustment reserve</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 2px solid #000000">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Hedging</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">instrument</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 2px solid #000000">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Reserve
for defined contribution</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">plans</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 2px solid #000000">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-weight: bold; font-size: 13px;">Other
reserves from subsidiaries</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 2px solid #000000">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-weight: bold; font-size: 13px;">Total
Other reserves</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 20%">
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: -12px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Balance
at July 1, 2017</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">(28)</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 4px double #000000">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">186</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 4px double #000000">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">78</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 4px double #000000">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">494</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 4px double #000000">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">1,394</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 4px double #000000">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">19</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 4px double #000000">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">(15)</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 4px double #000000">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">37</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 4px double #000000">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">2,165</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 20%">
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: -12px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Other
comprehensive loss for the period</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 2px solid #000000">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 2px solid #000000">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 2px solid #000000">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 2px solid #000000">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(239)</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 2px solid #000000">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(4)</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 2px solid #000000">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(38)</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 2px solid #000000">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 2px solid #000000">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(281)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 20%">
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: -12px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Total
comprehensive loss for the period</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-weight: bold; font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">(239)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">(4)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">(38)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">(281)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 20%">
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: -12px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Share-based
compensation</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">1</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">1</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 20%">
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: -12px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Changes in
non-controlling interest</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 2px solid #000000">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(30)</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 2px solid #000000">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 2px solid #000000">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 2px solid #000000">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 2px solid #000000">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 2px solid #000000">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 2px solid #000000">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 2px solid #000000">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(30)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 20%">
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: -12px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Balance
at September 30, 2017</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">(28)</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 4px double #000000">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">156</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 4px double #000000">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">79</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 4px double #000000">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">494</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 4px double #000000">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">1,155</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 4px double #000000">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">15</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 4px double #000000">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">(53)</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 4px double #000000">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">37</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 4px double #000000">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">1,855</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left"><font style="color: rgb(0, 0, 0); font-size: 13px;">The accompanying notes are
an integral part of these Unaudited Condensed Interim Consolidated
Financial Statements.</font></div>
<div style="margin-left: 35px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 28px">
<font style="font-size: 13px;">(1)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-size: 13px;">Includes Ps. 1 of Inflation adjustment of
treasury shares. See Note 17 to the Consolidated Financial
Statements as of June 30, 2017</font></div>
</div>
</div>
<div style="margin-left: 35px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 28px">
<font style="font-size: 13px;">(2)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-size: 13px;">Related to CNV General Resolution N&#xB0;
609/12. See Notes 2.1.b) and 17 to the Consolidated Financial
Statements as of June 30, 2017.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 13px;">
<tr>
<td style="vertical-align: top; width: 0%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 100%;">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;.</font></div>
<div style="text-align: center; margin-left: 480px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Fernando A.
Elsztain</font></div>
<div style="text-align: center; margin-left: 480px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Director acting
as</font></div>
<div style="text-align: center; margin-left: 480px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">President</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px;">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Arial; font-size: 13px">5</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: center; margin-left: 0px; margin-right: 11px; text-indent: 0px">
<font style="font-size: 16px;"><font style="font-weight: bold">IRSA
Inversiones y Representaciones Sociedad
An&#xF3;nima</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%; border-bottom: solid 1px #000000">
<!--Rule Below Paragraph--></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px;">&#xA0;</font></div>
</div>
</div>
<div style="text-align: center; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; font-size: 13px;">Unaudited
Condensed Interim Consolidated Statements of Changes in
Shareholders&#x2019; Equity</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; font-size: 13px;">for the
three-month period ended September 30, 2016</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-size: 13px;">(All amounts in millions, except
otherwise indicated)</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Free
translation from the original prepared in Spanish for publication
in Argentina</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 13px;">
<tr>
<td style="vertical-align: middle; width: 20%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td colspan="10" style="vertical-align: middle; width: 67%; border-top: 1pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Attributable
to equity holders of the parent</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 20%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-size: 13px;">Share
capital</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-size: 13px;">Treasury
shares</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: center"><font style="font-weight: bold; font-size: 13px;">Inflation
adjustment</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-size: 13px;">of share capital
and treasury shares (1)</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-size: 13px;">Share
premium</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Additional
paid-in capital from treasury shares</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-size: 13px;">Legal</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-size: 13px;">reserve</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-size: 13px;">Special</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-size: 13px;">reserve
(2)</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Other
reserves</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-size: 13px;">Retained
earnings</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Subtotal</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-size: 13px;">Non-controlling
interest</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-size: 13px;">Total
Shareholders&#x2019; equity</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 20%">
<div style="text-align: justify; margin-left: 48px; margin-right: 0px; text-indent: -12px;">
<font style="font-weight: bold; font-size: 13px;">Balances as of
July 1, 2016 (recast)</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">575</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">4</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">123</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">793</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">16</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">117</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">2,755</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">990</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">16,259</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">21,632</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">14,224</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">35,856</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 20%">
<div style="text-align: justify; margin-left: 48px; margin-right: 0px; text-indent: -12px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Profit for the
period</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">200</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">200</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">144</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">344</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 20%">
<div style="text-align: justify; margin-left: 48px; margin-right: 0px; text-indent: -12px;">
<font style="font-size: 13px;">Other comprehensive income for the
period</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">228</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">228</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">312</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">540</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 20%">
<div style="text-align: justify; margin-left: 48px; margin-right: 0px; text-indent: -12px;">
<font style="font-weight: bold; font-size: 13px;">Total
comprehensive income for the period</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-weight: bold; font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">228</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">200</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">428</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">456</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">884</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 20%">
<div style="text-align: justify; margin-left: 48px; margin-right: 0px; text-indent: -12px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Share-based
compensation</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">3</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">3</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">22</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">25</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 20%">
<div style="text-align: justify; margin-left: 48px; margin-right: 0px; text-indent: -12px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Incorporated by
business combination</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">19</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">19</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 20%">
<div style="text-align: justify; margin-left: 48px; margin-right: 0px; text-indent: -12px;">
<font style="font-size: 13px;">Capital reduction of
subsidiaries</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(1)</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(1)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 20%">
<div style="text-align: justify; margin-left: 48px; margin-right: 0px; text-indent: -12px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Changes in
non-controlling interest</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(323)</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(323)</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">553</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">230</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 20%">
<div style="text-align: justify; margin-left: 48px; margin-right: 0px; text-indent: -12px;">
<font style="font-weight: bold; font-size: 13px;">Balances as of
September 30, 2016 (recast)</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">575</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">4</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">123</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">793</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">16</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">117</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">2,755</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">898</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">16,459</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">21,740</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">15,273</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">37,013</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;&#xA0;Group&#x2019;s other
reserves for the period ended September 30, 2016 are comprised as
follows:</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 13px;">
<tr>
<td style="vertical-align: bottom; width: 20%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: center"><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Cost
of</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">treasury
stock</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 2px solid #000000">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Changes
in</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">&#xA0;non-controlling
interest</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 2px solid #000000">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Reserve
for share-based payments</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 2px solid #000000">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Reserve</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">for
future dividends</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 2px solid #000000">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Cumulative
translation adjustment</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">reserve</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 2px solid #000000">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Hedging</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">instrument</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 2px solid #000000">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Reserve
for defined contribution plans</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 2px solid #000000">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-weight: bold; font-size: 13px;">Other
reserves from subsidiaries</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 2px solid #000000">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-weight: bold; font-size: 13px;">Total
Other reserves</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 20%">
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: -12px;">
<font style="font-weight: bold; font-size: 13px;">Balances as of
July 1, 2016 (recast)</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">(29)</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 4px double #000000">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">21</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 4px double #000000">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">67</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 4px double #000000">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">520</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 4px double #000000">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">421</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 4px double #000000">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">(37)</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 4px double #000000">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">(10)</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 4px double #000000">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">37</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 4px double #000000">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">990</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 20%">
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: -12px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Other
comprehensive income / (loss) for the period</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 2px solid #000000">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 2px solid #000000">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 2px solid #000000">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 2px solid #000000">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">211</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 2px solid #000000">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">26</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 2px solid #000000">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(9)</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 2px solid #000000">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 2px solid #000000">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">228</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 20%">
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: -12px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Total
comprehensive income / (loss) for the period</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-weight: bold; font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">211</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">26</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">(9)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">228</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 20%">
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: -12px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Share-based
compensation</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">3</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">3</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 20%">
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: -12px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Changes in
non-controlling interest</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 2px solid #000000">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(323)</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 2px solid #000000">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 2px solid #000000">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 2px solid #000000">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 2px solid #000000">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 2px solid #000000">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 2px solid #000000">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 2px solid #000000">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(323)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 20%">
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: -12px;">
<font style="font-weight: bold; font-size: 13px;">Balances as of
September 30, 2016 (recast)</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">(29)</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 4px double #000000">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-weight: bold; font-size: 13px;">(302)</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 4px double #000000">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">70</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 4px double #000000">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">520</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 4px double #000000">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">632</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 4px double #000000">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">(11)</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 4px double #000000">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">(19)</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 4px double #000000">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">37</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 4px double #000000">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">898</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left"><font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
The accompanying notes are an integral part of these Unaudited
Condensed Interim Consolidated Financial Statements.</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">The previous
period has been recast due to the change in the accounting policy
for investment properties described in Note 2.1.b.</font></div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 60px">
<font style="font-size: 13px;">(1)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-size: 13px;">Includes Ps. 1 of Inflation adjustment of
treasury shares. See Note 17 to the Consolidated Financial
Statements as of June 30, 2017.</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 60px">
<font style="font-size: 13px;">(2)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-size: 13px;">Related to CNV General Resolution N&#xB0;
609/12. See Notes 2.1.b) and 17 to the Consolidated Financial
Statements as of June 30, 2017.</font></div>
</div>
</div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 13px;">
<tr>
<td style="vertical-align: top; width: 0%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 100%;">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;.</font></div>
<div style="text-align: center; margin-left: 480px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Fernando A.
Elsztain</font></div>
<div style="text-align: center; margin-left: 480px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Director acting
as</font></div>
<div style="text-align: center; margin-left: 480px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">President</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px;">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Arial; font-size: 13px">6</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: center; margin-left: 0px; margin-right: 11px; text-indent: 0px">
<font style="font-size: 16px;"><font style="font-weight: bold">IRSA
Inversiones y Representaciones Sociedad
An&#xF3;nima</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%; border-bottom: solid 1px #000000">
<!--Rule Below Paragraph--></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px;">&#xA0;</font></div>
</div>
</div>
<div style="text-align: center; margin-left: 36px; margin-right: 11px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Unaudited
Condensed Interim Consolidated Statements of Cash
Flows</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 11px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-weight: bold; font-size: 13px;">for the
three-month periods ended September 30, 2017 and 2016</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 11px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(All amounts in
millions, except otherwise indicated)</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 11px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Free
translation from the original prepared in Spanish for publication
in Argentina</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 13px;">
<tr>
<td style="vertical-align: middle; width: 63%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Note</font></div>
</td>
<td style="vertical-align: middle; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">09.30.2017</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-weight: bold; font-size: 13px;">09.30.2016(recast)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 63%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-size: 13px;">Operating
activities:</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 63%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Net cash
generated from continuing operating activities before income tax
paid</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">15</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">2,767</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">2,674</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 63%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Income tax and
MPIT paid</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(195)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(197)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 63%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Net cash
generated from continuing operating activities</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">2,572</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">2,477</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 63%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Net cash
generated from discontinued operating activities</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">66</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">98</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 63%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Net cash
generated from operating activities</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">2,638</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">2,575</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 63%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Investing
activities:</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 63%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Interest held increase in joint
ventures and associates</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(30)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(312)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 63%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Acquisitions
and improvements of investment properties</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(630)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(659)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 63%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Advanced
payments</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(106)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 63%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;"><font style="color: #000000">Acquisitions of subsidiaries</font>, net of cash
acquired</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(30)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 63%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Proceeds from
sales of investment properties</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">26</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">41</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 63%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Acquisitions
and improvements of property, plant and equipment</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(1,008)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(597)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 63%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Proceeds from
sales of property, plant and equipment</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">4</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 63%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Acquisitions of
intangible assets</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(185)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(102)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 63%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Net increase of
restricted assets</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(223)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 63%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Dividends
received</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">98</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">26</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 63%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Acquisitions of
investments in financial assets</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(6,670)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(2,213)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 63%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Proceeds from
investments in financial assets</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">3,477</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">2,433</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 63%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Interest
received from financial assets</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">54</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">47</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 63%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Loans granted
to related parties</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(229)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(22)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 63%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Loans
granted</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(88)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 63%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-size: 13px;"><font style="color: #000000">Net cash used in continuing</font> investing
<font style="color: #000000">activities</font></font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">(5,510)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">(1,388)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 63%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Net cash (used
in) generated from discontinued investing activities</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(18)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">148</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 63%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Net cash
used in investing activities</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">(5,528)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">(1,240)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 63%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Financing
activities:</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 63%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Borrowings</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">15,978</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">8,950</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 63%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Payment of
borrowings</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(10,597)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(6,959)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 63%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Borrowings from
related parties</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">4</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 63%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Payment of
borrowings from related parties</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(2)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 63%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Interests
paid</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(1,572)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(1,180)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 63%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Capital
distributions from non-controlling interest in
subsidiaries</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(18)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 63%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Capital
contributions from non-controlling interest in
subsidiaries</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">129</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 63%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Acquisition of
non-controlling interest in subsidiaries</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(45)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(580)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 63%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Proceeds from
sales of non-controlling interest in subsidiaries</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">18</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">810</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 63%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Dividends paid
to non-controlling interest in subsidiaries</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(131)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(362)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 63%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Proceeds from
issuance of shares and other equity instruments in
subsidiaries</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">276</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 63%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Payments of
derivative financial instruments</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(4)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(4)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 63%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Proceeds from
derivative financial instruments</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">26</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">13</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 63%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-size: 13px;">Net cash
generated <font style="color: #000000">from continuing</font>
financing activities</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">4,060</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">690</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 63%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Net cash used
in discontinued financing activities</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(48)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(452)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 63%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Net cash
generated from financing activities</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">4,012</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">238</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 63%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Net increase in
cash and cash equivalents from continuing activities</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">1,122</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">1,779</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 63%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Net decrease in
cash and cash equivalents from discontinued activities</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(206)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 63%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Net
increase in cash and cash equivalents</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">1,122</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">1,573</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 63%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Cash and cash
equivalents at beginning of period</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">13</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">24,854</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">13,866</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 63%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Net increase /
(decrease) in cash and cash equivalents reclassified to held for
sale</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">4</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(12)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 63%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Foreign
exchange gain on cash and cash equivalents</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">52</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">22</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 63%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Cash and
cash equivalents at end of period</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">13</font></div>
</td>
<td style="vertical-align: middle; width: 16%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">26,032</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">15,449</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: -36px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">The
accompanying notes are an integral part of these Unaudited
Condensed Interim Consolidated Financial Statements.</font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">The previous
period has been recast due to the change in the accounting policy
for investment properties described in Note 2.1.b.</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 13px;">
<tr>
<td style="vertical-align: top; width: 0%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 100%;">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="color: #FFFFFF">.</font></font></div>
<div style="text-align: center; margin-left: 480px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Fernando A.
Elsztain</font></div>
<div style="text-align: center; margin-left: 480px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Director acting
as</font></div>
<div style="text-align: center; margin-left: 480px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">President</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px;">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Arial; font-size: 13px">7</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-size: 16px;">IRSA Inversiones
y Representaciones Sociedad An&#xF3;nima</font></div>
<div>&#xA0;</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%; border-bottom: solid 1px #000000">
<!--Rule Below Paragraph--></div>
</div>
</div>
<div style="text-align: center; margin-left: 36px; margin-right: 11px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Notes to
the Unaudited Condensed Interim Consolidated Financial
Statements</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">(Amounts in millions, except
otherwise indicated)</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Free translation from the original
prepared in Spanish for publication in Argentina</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 36px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px;">1.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-size: 13px;">The Group&#x2019;s business
and general information</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="font-size: 13px;">These Financial Statements have been
approved for issuance by the Board of Directors, on November 8,
2017.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="font-size: 13px;">IRSA was founded in 1943, and it is
engaged in a diversified range of real estate activities in
Argentina since 1991. IRSA and its subsidiaries are collectively
referred to hereinafter as &#x201C;the Group&#x201D;. Cresud is our
direct parent company and IFIS Limited is our ultimate parent
company. The Group has established two Operations Centers,
Argentina and Israel, to manage its global business, mainly through
the following companies:</font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<img src="irsacompleto1erq18000.jpg"></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 72px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 12px">
<font style="font-size: 13px;">(i)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-size: 13px;">Remains in current and non-current assets, as
financial asset held for sale.</font></div>
</div>
</div>
<div style="margin-left: 72px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 12px">
<font style="font-size: 13px;">(ii)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-size: 13px;">Corresponds to Group&#x2019;s associates, which
are hence excluded from consolidation.</font></div>
</div>
</div>
<div style="margin-left: 72px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 12px">
<font style="font-size: 13px;">(iii)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-size: 13px;">Disclosed in group of assets and liabilities
held for sale.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="font-size: 13px;">Within the operations center in
Israel and in relation with IDBD&#x2019;s financial position, its
cash flow and its ability to meet its financial commitments, the
following should be taken into consideration:</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 84px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-size: 13px;">Since September 2016, after the sale of Adama
and the increase in its subsidiaries&#x2019; market value, IDBD
considers that it is possible to obtain new financing or refinance
its actual debts. In this regard, IDBD has recently successfully
completed issuance of debentures, as mentioned in Note 20 to the
Consolidated Financial Statements as of June 30, 2017.
Additionally, it has made early repayments of its financial debt
and has managed to renegotiate the related financial
restrictions.</font></div>
</div>
</div>
<div style="margin-left: 84px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-size: 13px;">As mentioned in Note 7 to the Consolidated
Financial Statements as of June 30, 2017, DIC declared dividends,
out of which IDBD received approximately NIS 271 (equivalent to
approximately Ps. 1,219), net of the exercise of warrants mentioned
in Note 4.C to the Consolidated Financial Statements as of June 30,
2017.</font></div>
</div>
</div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px;">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Arial; font-size: 13px">8</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-size: 16px;">IRSA Inversiones
y Representaciones Sociedad An&#xF3;nima</font></div>
<div>&#xA0;</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%; border-bottom: solid 1px #000000">
<!--Rule Below Paragraph--></div>
</div>
</div>
<div style="margin-left: 84px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-size: 13px;">In February 2017, Standard &amp; Poor&#x2019;s
Maalot (S&amp;P Maalot) upgraded the rating of IDBD debentures,
from CCC to BB. Subsequently, in July 2017, S&amp;P Maalot
increased the rating again to BBB with stable outlook.</font></div>
</div>
</div>
<div style="margin-left: 84px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-size: 13px;">As mentioned in Note 14 to the Consolidated
Financial Statements as of June 30, 2017, IDBD sold part of its
stake in Clal and signed a swap agreement for the future
sale.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="font-size: 13px;">Given the reasons described above,
IDBD considers that it has enough resources to continue operating
for at least 12 months after the date of these Financial
Statements.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="font-size: 13px;">It should be noted that the
IDBD&#x2019;s Board of Directors has in place a cash flow forecast
to June 30, 2019, which assumes that IDBD will receive cash from
the realization of private investments directly held by IDBD. As a
result, IDBD expects to honor all its liabilities until the second
quarter of 2019. Even though consummation of such plans does not
depend entirely on factors under its control, IDBD believes it will
succeed in finalizing these or other plans.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="font-size: 13px;">Based on the foregoing, IDBD&#x2019;s
management considers that there are currently no material
uncertainties regarding its ability to operate as a going concern,
given its current financial position and its ability to fulfil its
financial commitments in time and in due form and its capacity to
carry out its business plan.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="font-size: 13px;">Notwithstanding the foregoing, IDBD
should pay financial liabilities for NIS 1,413 (equivalent to
approximately Ps. 6,740 as of the closing date of these Financial
Statements) in November 2019, that payment would be affected by
factors that are out of IDBD control, such as, its ability to carry
out its plans to sell its equity interest in Clal considering the
scheme determined by the &#x201C;Capital Market, Insurance and
Saving Commission of Israel&#x201D; (&#x201C;the
Commissioner&#x201D;), the requirements of the &#x201C;Act to Promote
Competition and Reduce Concentration&#x201D; (&#x201C;Concentration
Act&#x201D;) and its ability to deal with the implications of the
Concentration Act and to comply with the restrictions set out
therein regarding the control of companies through a pyramidal
structure (Note 7 to the Consolidated Financial Statements as of
June 30, 2017), among others.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="font-size: 13px;">IDBD expects that the consideration
to be received from the sale of Clal pursuant to the
Commissioner&#x2019;s scheme, (i.e., the sale in tranches of 5% each
every four months) to the extent it is implemented, will be lower
and even significantly lower as compared to a block sale of its
controlling interest in Clal However, even if Clal&#x2019;s shares
continue to be sold in accordance to the scheme established by the
Commissioner, IDBD&#x2019;s management considers that it would as
well have additional sources of cash flows available to satisfy its
commitments in November 2019. IDBD&#x2019;s management considers
that it will be able to address its commitments timely and continue
with its operations.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="font-size: 13px;">It should be noted that the
financial position of IDBD and its subsidiaries at the Operations
Center in Israel does not affect the financial position of IRSA and
subsidiaries at the Operations Center in Argentina.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="font-size: 13px;">In addition, the commitments and
other covenants resulting from IDBD&#x2019;s financial debt do not
have impact on IRSA since such indebtedness has no recourse against
IRSA and it is not granted by IRSA&#x2019;s assets.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 36px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px;">2.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-size: 13px;">Summary of significant
accounting policies</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 36px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px;">2.1.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-size: 13px;">Basis of preparation of the
Financial Statements</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 84px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-weight: bold; font-size: 13px;">a.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-size: 13px;">Basis of
preparation</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="font-size: 13px;">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, 2017 prepared in accordance
with IFRS in force. Furthermore, these Financial Statements include
supplementary information required by Law N&#xB0; 19,550 and/or
regulations of the CNV. Such information is included in notes to
these Financial Statements according to IFRS.</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px;">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Arial; font-size: 13px">9</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-size: 16px;">IRSA Inversiones
y Representaciones Sociedad An&#xF3;nima</font></div>
<div>&#xA0;</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%; border-bottom: solid 1px #000000">
<!--Rule Below Paragraph--></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="font-size: 13px;">These Financial Statements
corresponding to the interim three-month periods ended September
30, 2017 and 2016 have not been audited. The management considers
they include all necessary adjustments to fairly present the
results of each period. The Company&#x2019;s interim periods results
do not necessarily reflect the proportion of the Group&#x2019;s
full-year results.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="font-size: 13px;">Under IAS 29 &#x201C;Financial
Reporting in Hyperinflationary Economies&#x201D;, the Financial
Statements of an entity whose functional currency belongs to a
hyperinflationary economy, regardless of whether they apply
historic cost or current cost methods, should be stated at the
current unit of measure as of the date of this Consolidated
Financial Statements. For such purpose, in general, inflation is to
be computed in non-monetary items from the acquisition or
revaluation date, as applicable. In order to determine whether an
economy is to be considered hyperinflationary, the standard lists a
set of factors to be taken into account, including an accumulated
inflation rate near or above 100% over a three-year
period.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="font-size: 13px;">For the Groups' business in
Argentina, considering the released inflation data in Argentina and
the declining inflation trend in recent years, the Board of
Directors is of the view that there is not enough evidence to
conclude that Argentina is a hyperinflationary economy. Therefore,
no restatement has been applied on financial information, as set
forth by IAS 29, for the reporting periods. However, over the last
years, certain macroeconomic variables, such as payroll costs and
input prices, have experienced significant annual changes, which
should be taken into consideration in assessing and interpreting
the financial situation and results of operations of the Company in
these Financial Statements.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 84px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-weight: bold; font-size: 13px;">b.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-size: 13px;">Recast of Financial
Statements previously issued due to change in accounting
policies</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="font-size: 13px;">As mentioned in Note 2 to the
Consolidated Financial Statements as of June 30, 2017, during the
fiscal year ended June 30, 2017 the Group&#x2019;s Board of
Directors decided to change the accounting policy for investment
property from cost model to fair value model, as permitted under
IAS 40. Therefore, the previously issued Interim Financial
Statements were retroactively recast as required by IAS
8.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="font-size: 13px;">The table below includes the
reconciliation between the Statements of Income and the Statements
of Comprehensive Income / (operations) for the three-month period
ended September 30, 2016 as they were originally issued, and the
recast statements included in these Financial Statements for
comparative purpose. There is no impact on any of the relevant
total sums of the Consolidated Statement of Cash
Flows.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 13px;">
<tr>
<td style="vertical-align: middle; width: 40%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">09.30.2016</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">(originally
issued)</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">09.30.2016</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">(adjustment)</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">09.30.2016
(other reclassifications) g)</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">09.30.2016
(recast)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 40%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Revenues</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">18,687</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(900)</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">17,787</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 40%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Costs</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(13,267)</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">262</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">a)</font></div>
</td>
<td style="vertical-align: middle; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">679</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(12,326)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 40%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-weight: bold; font-size: 13px;">Gross
profit</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">5,420</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">262</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">(221)</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">5,461</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 40%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Gain from
disposal of investment properties</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">19</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(19)</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">b)</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 40%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Net gain from
fair value adjustment of investment properties</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">1,396</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">c)</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">1,396</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 40%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">General and
administrative expenses</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(934)</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">82</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(852)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 40%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Selling
expenses</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(3,296)</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">127</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(3,169)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 40%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Other operating
results, net</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(62)</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(7)</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(69)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 40%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-weight: bold; font-size: 13px;">Profit
from operations</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">1,147</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">1,639</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">(19)</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">2,767</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 40%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Share of (loss)
/ profit of associates and joint ventures</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(43)</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">25</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">d)</font></div>
</td>
<td style="vertical-align: middle; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">27</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">9</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 40%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Profit
before finance results and income tax</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">1,104</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">1,664</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">8</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">2,776</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 40%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Finance
income</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">388</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(108)</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">280</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 40%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Finance
costs</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(2,124)</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">93</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(2,031)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 40%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Other financial
results</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">262</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">262</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 40%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Financial
results, net</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(1,474)</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(15)</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(1,489)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 40%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">(Loss) /
Profit before income tax</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">(370)</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">1,664</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">(7)</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">1,287</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 40%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Income
tax</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(54)</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(538)</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">e)</font></div>
</td>
<td style="vertical-align: middle; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(592)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 40%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">(Loss) /
Profit from continuing operations</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">(424)</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">1,126</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">(7)</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">695</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 40%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Loss from
discontinued operations</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(358)</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">7</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(351)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 40%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">(Loss) /
Profit for the period</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">(782)</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">1,126</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">344</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 40%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 40%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Attributable
to:</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 40%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Equity holders
of the parent</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(577)</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">777</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">200</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 40%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Non-controlling
interest</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(205)</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">349</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">144</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-size: 11px;">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Arial; font-size: 13px">10</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-size: 11px;">&#xA0;</font></div>
<div style="text-align: right; width: 100%">
<div style="text-align: center; width: 100%"><font style="font-size: 11px;">&#xA0;</font><font style="font-weight: bold; font-size: 16px;">IRSA Inversiones y
Representaciones Sociedad An&#xF3;nima</font></div>
&#xA0; <font style="font-size: 11px;"><br></font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div>&#xA0;</div>
<div><font style="font-size: 13px;">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 13px;">
<tr>
<td style="vertical-align: middle; width: 44%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">&#xA0;09.30.2016</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">(originally
issued)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">&#xA0;09.30.2016
(adjustment)</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">09.30.2016
(other reclassifications) g)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">&#xA0;09.30.2016
(recast)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 44%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">(Loss) /
Profit for the period</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">(782)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">1,126</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">344</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 44%;">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-size: 13px;">Other
comprehensive (loss) / income</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 44%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-style: italic; font-size: 13px;">Items
that may be reclassified subsequently to profit or
loss:</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 44%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Cumulative translation
adjustment</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">464</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">45</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">f)</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">509</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 44%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Change in the fair value of hedging
instruments net of income tax</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">56</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">56</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 44%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-style: italic; font-size: 13px;">Items
that may not be reclassified subsequently to profit or loss, net of
income tax</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 44%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Actuarial loss from defined
contribution plans</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(22)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(22)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 44%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Other loss generated by
associates</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(3)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(3)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 44%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-size: 13px;">Other
comprehensive income for the period from continuing
operations</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">495</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">45</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">540</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 44%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">Other comprehensive income for the
period from discontinued operations</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 44%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-size: 13px;">Total
comprehensive (loss) / income for the period</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">(287)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">1,171</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">884</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 44%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Attributable
to:</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 44%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Equity holders
of the parent</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(365)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">793</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">428</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 44%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Non-controlling
interest</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">78</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">378</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">456</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 36px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 12px">
<font style="font-size: 13px;">a)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-size: 13px;">Corresponds to the elimination of depreciation
expense from investment property, and the adjustment, if
applicable, to the depreciation of property, plant and equipment
to<font style="font-size: 13px;">&#xA0;</font>adjust the value of
transfers from investment property to that item.</font></div>
</div>
</div>
<div style="margin-left: 36px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 12px">
<font style="font-size: 13px;">b)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-size: 13px;">It relates to the elimination of the gain from
disposal of investment property, as such property is accounted for
at its fair value on the date of sale, which generally coincides
with the transaction price (see point d)).</font></div>
</div>
</div>
<div style="margin-left: 36px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 12px">
<font style="font-size: 13px;">c)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-size: 13px;">It represents the net change in fair value of
investment property.</font></div>
</div>
</div>
<div style="margin-left: 36px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 12px">
<font style="font-size: 13px;">d)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-size: 13px;">It relates to changes in share of profit /
(loss) in associates and joint ventures after applying the change
to equity method valuation implemented by the Group.</font></div>
</div>
</div>
<div style="margin-left: 36px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 12px">
<font style="font-size: 13px;">e)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-size: 13px;">It reflects the tax effect on the items
indicated above, as applicable.</font></div>
</div>
</div>
<div style="margin-left: 36px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 12px">
<font style="font-size: 13px;">f)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-size: 13px;">It pertains to exchange differences related to
the change in the accounting policy implemented by the Group in
subsidiaries, associates and joint ventures with functional
currency other than the peso.</font></div>
</div>
</div>
<div style="margin-left: 36px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 12px">
<font style="font-size: 13px;">g)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-size: 13px;">See Notes 2.26 and 32 to the Consolidated
Financial Statements as of June 30, 2017.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 36px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px;">2.2.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-size: 13px;">Significant accounting
policies</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="font-size: 13px;">The accounting policies applied in
the presentation of these Financial Statements are consistent with
those applied in the preparation of the Consolidated Financial
Statements as of June 30, 2017, as described in Note 2 to those
Financial Statements</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 36px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px;">2.3.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-size: 13px;">Use of estimates</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="font-size: 13px;">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. In the preparation of these financial statements, the
significant judgments made by Management in applying the
Group&#x2019;s accounting policies and the main sources of
uncertainty were the same applied by the Group in the preparation
of the Consolidated Financial Statements as of June 30, 2017
described in Note 3 to those Financial Statements.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 36px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px;">2.4.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-size: 13px;">Comparability of
information</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="font-size: 13px;">Balance items as of June 30, 2017
and September 30, 2016 shown in these Unaudited Condensed Interim
Consolidated Financial Statements for comparative purposes arise
from financial statements then ended. As explained in Note 2.1.b.
certain figures of the originally issued financial statements as of
September 30, 2016 have been adjusted to reflect the change of
accounting policy related to investment property as determined by
the Board of Directors during the fiscal year ended June 30,
2017.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 36px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px;">3.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-size: 13px;">Seasonal effects on
operations</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="font-weight: bold; font-size: 13px;">Operations Center
in Argentina</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="font-size: 13px;">The operations of the Group&#x2019;s
shopping malls 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 malls 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 malls sales. Sale discounts at the
end of each season also affect the business. As a consequence, for
shopping mall operations, a higher level of business activity is
expected in the period ranging between July and December, compared
to the period between January and June.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-size: 11px;">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Arial; font-size: 13px">11</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: center; width: 100%"><font style="font-size: 11px;">&#xA0;</font><font style="font-weight: bold; font-size: 16px;">IRSA Inversiones y
Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: right; width: 100%"><font style="font-size: 11px;">&#xA0;</font></div>
<div style="text-align: right; width: 100%"><font style="font-size: 11px;">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="font-weight: bold; font-size: 13px;">Operations Center
in Israel</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="font-size: 13px;">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) sometime between March and April, and Rosh
Hashan&#xE1; (Jewish New Year), sometime between September and
October each year.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="font-size: 13px;">The results of operations of Cellcom
and IDBD Tourism 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></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 36px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px;">4.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-size: 13px;">Acquisitions and
disposals</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="font-size: 13px;">Significant acquisitions and
disposals for the three-month period ended September 30, 2017 are
detailed below. Significant acquisitions and disposals for the
fiscal year ended June 30, 2017, are detailed in Note 4 to the
Consolidated Financial Statements as of June 30, 2017.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="text-decoration: underline; font-weight: bold; font-size: 13px;">Ispro</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="font-size: 13px;">In August 2017, PBC&#x2019;s Board of
Directors, decided to start a process to examine the potential sale
of its interest in Ispro. In this respect, it has received several
offers.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="text-decoration: underline; font-weight: bold; font-size: 13px;">Agreement
for New Pharm acquisition</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="font-size: 13px;">As mentioned in Note 4.G to the
Consolidated Financial Statements as of June 30, 2017, Shufersal
entered into an agreement (the "agreement") for the purchase of the
shares of New Pharm Drugstores Ltd. ("New Pharm"), representative
of 100% of that Company&#x2019;s share capital. On September 6,
2017, the Antitrust Commission approved the merger between
Shufersal and New Pham subject to certain conditions. On September
28, 2017, the parties signed an Addendum to such agreement whereby
they agreed to sell 9 New Pharm stores to a third party and one
Shufersal store to another party. The proceeds from the sale of New
Pharm stores will be collected by this company before the merger,
thus changing the transaction price, albeit not significantly. The
deadline for the execution of the sale agreement has been set on
November 30, 2017 and the execution date on December 31,
2017.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="text-decoration: underline; font-weight: bold; font-size: 13px;">Tender
offer of DIC</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">As mentioned in
Note 7 to the Consolidated Financial Statements as of June 30,
2017, after June 30, 2017, Dolphin Netherlands B.V. made a
non-binding tender offer for the acquisition of all DIC shares held
by IDBD.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">For purposes of
the transaction, a committee of independent directors has been set
up to assess the tender offer and negotiate the terms and
conditions. In response to an inquiry, the Audit Committee has
issued an opinion without reservations as to the transaction in
accordance with the terms of section 72 et al. of the Capital
Markets Law N&#xB0; 26,831.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="font-size: 13px;">In September 2017, IDBD informed
that the Company and Dolphin signed a letter of intent. The
transaction&#x2019;s completion is dependent upon the execution of
the definitive transaction documents (the &#x201C;Definitive
Documents&#x201D;) by the parties on or before November 16, 2017, as
well as upon approval of the transaction by the parties&#x2019;
respective Boards of Directors and compliance with additional
guarantees until December 10, 2017 (the &#x201C;Transaction Closing
Date&#x201D;). The main items of the letter of intent are the
following:</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-size: 11px;">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Arial; font-size: 13px">12</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: center; width: 100%"><font style="font-size: 11px;"><font style="font-weight: bold; font-size: 16px;">IRSA Inversiones y
Representaciones Sociedad An&#xF3;nima</font><br></font></div>
<div style="text-align: right; width: 100%"><font style="font-size: 11px;">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 72px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 12px">
<font style="color: #000000; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-size: 13px;">The buyer will acquire all of DIC shares held by
IDBD at a price of NIS 16.6 per share (equal to approximately Ps.
80 per share as of the date of these Financial
Statements).</font></div>
</div>
</div>
<div style="margin-left: 72px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 12px">
<font style="color: #000000; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-size: 13px;">The buyer will issue a promissory note, maturing
five years from the effective transaction date which shall accrue
interest at an annual rate of 5.5%. Until the promissory note is
fully paid, any dividend payment made by DIC shall be paid through
an Israeli bank and will be pledged in favor of the
seller.</font></div>
</div>
</div>
<div style="margin-left: 72px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 12px">
<font style="color: #000000; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-size: 13px;">All DIC shares that are currently securing debt,
shall continue to be collateral for that debt, and those shares
that are currently unencumbered will be pledged to secure payment
of the promissory note.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">IDBD is
currently analyzing the next steps to continue controlling its
subsidiaries in 2019.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="text-decoration: underline; font-weight: bold; font-size: 13px;">Tender
offer for Clal</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="font-size: 13px;">In July 2017, IDBD received a
non-binding offer from an international group for the potential
acquisition of its entire interest in Clal. For consideration that
will be based on the equity value of Clal, in accordance with Clal
Financial Statement at the time of specifying the transaction and
is subject to the performance of a due diligence and the execution
of an agreement, as well as getting the approvals required by law.
IDBD is analyzing the offer. On June 30, 2017, this value amounted
to NIS 4,880 (equivalent to approximately Ps. 23,278 as of the date
of these Financial Statements). There is no certainty that the
offer will go forward under the terms offered, or that the
transaction will be completed.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 36px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px;">5.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-size: 13px;">Financial risk management and
fair value estimates</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="font-size: 13px;">These Financial Statements do not
include all the information and disclosures on financial risk
management; therefore, they should be read along with Note 5 to the
Consolidated Financial Statements as of June 30, 2017.<font style="font-size: 13px;">&#xA0;</font>There have been no changes in risk
management or risk management policies applied by the Group since
year-end.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Since June 30,
2017 as of the date of this Financial Statements, there have been
no significant changes in business or economic circumstances
affecting the fair value of the Group's assets or liabilities
(either measured at fair value or amortized cost). Furthermore,
there have been no transfers between the different hierarchies used
to assess the fair value of the Group&#x2019;s financial
instruments.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 36px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px;">6.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-size: 13px;">Segment
information</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">As explained in
Note 6 to the Consolidated Financial Statements as of June 30,
2017, the Group reported its financial performance separately in
two centers of operations. There have been no changes in the
business segments or the financial reporting criteria thereof.
Below is a summary of the lines of business of the group for the
periods ended September 30, 2017 and 2016:</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 13px;">
<tr>
<td style="vertical-align: middle; width: 32%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td colspan="5" style="vertical-align: middle; width: 33%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">September
30, 2017</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td colspan="5" style="vertical-align: middle; width: 33%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">September
30, 2016 (recast)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 32%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Operations
Center in Argentina</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Operations
Center in Israel</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Total</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Operations
Center in Argentina</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Operations
Center in Israel</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Total</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 32%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Revenues</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">1,220</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">18,594</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">19,814</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">957</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">16,499</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">17,456</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 32%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Costs</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(249)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(13,064)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(13,313)</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(203)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(11,780)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(11,983)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 32%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Gross
Profit</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">971</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">5,530</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">6,501</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">754</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">4,719</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">5,473</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 32%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Net gain from
fair value adjustment of investment properties</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">2,521</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">922</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">3,443</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">1,070</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">336</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">1,406</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 32%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">General and
administrative expenses</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(197)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(813)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(1,010)</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(152)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(702)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(854)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 32%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Selling
expenses</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(92)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(3,470)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(3,562)</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(87)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(3,083)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(3,170)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 32%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Other operating
results, net</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(27)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">36</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">9</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(12)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(56)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(68)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 32%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Profit
from operations</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">3,176</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">2,205</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">5,381</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">1,573</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">1,214</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">2,787</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 32%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Share of profit
/ (loss) of joint ventures and associates</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">487</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(101)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">386</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">48</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(47)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">1</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 32%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Segment
profit</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">3,663</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">2,104</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">5,767</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">1,621</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">1,167</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">2,788</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 32%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Reportable
assets</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">48,213</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">180,774</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">228,987</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">40,567</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">149,755</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">190,322</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 32%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Reportable
liabilities</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(159,846)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(159,846)</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(134,526)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(134,526)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 32%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Net
reportable assets</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">48,213</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">20,928</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">69,141</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">40,567</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">15,229</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">55,796</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px;">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Arial; font-size: 13px">13</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-size: 16px;">IRSA Inversiones
y Representaciones Sociedad An&#xF3;nima</font></div>
<div>&#xA0;</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%; border-bottom: solid 1px #000000">
<!--Rule Below Paragraph--></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="font-size: 13px;">Below is a summarized analysis of
the lines of business of Group&#x2019;s operations center in
Argentina for the periods ended September 30, 2017 and
2016:</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 13px;">
<tr>
<td style="vertical-align: middle; width: 25%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td colspan="13" style="vertical-align: middle; width: 75%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">September
30, 2017</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 25%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td colspan="13" style="vertical-align: middle; width: 75%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Operations
Center in Argentina</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 25%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Shopping
Malls</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Offices
and others</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Sales
and developments</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Hotels</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">International</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Financial
operations, Corporate and others</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Total</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 25%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Revenues</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">850</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">122</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">34</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">214</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">1,220</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 25%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Costs</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(85)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(7)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(10)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(147)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(249)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 25%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Gross
profit</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">765</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">115</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">24</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">67</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">971</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 25%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Net gain from
fair value adjustment of investment properties</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">2,044</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">280</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">197</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">2,521</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 25%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">General and
administrative expenses</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(66)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(9)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(19)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(39)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(21)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(43)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(197)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 25%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Selling
expenses</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(49)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(8)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(3)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(28)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(4)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(92)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 25%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Other operating
results, net</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(9)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">6</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(18)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(2)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(3)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(1)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(27)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 25%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-weight: bold; font-size: 13px;">Profit /
(Loss) from operations</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">2,685</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">384</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">181</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">(2)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">(24)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">(48)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">3,176</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 25%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Share of profit
of joint ventures and associates</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">12</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">2</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">113</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">360</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">487</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 25%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Segment
profit / (loss)</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">2,685</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">396</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">183</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">(2)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">89</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">312</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">3,663</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 25%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 25%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Investment
properties</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">30,912</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">8,031</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">4,938</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">43,881</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 25%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Property, plant
and equipment</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">57</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">40</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">159</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">54</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">310</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 25%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Trading
properties</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">614</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">614</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 25%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Goodwill</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">1</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">36</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">37</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 25%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Right to
receive future units under barter agreements</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">44</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">44</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 25%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Inventories</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">26</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">1</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">11</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">38</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 25%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Investments in
joint ventures and associates</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">125</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">141</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">705</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">2,318</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">3,289</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 25%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Operating
assets</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">30,996</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">8,233</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">5,737</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">170</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">759</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">2,318</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">48,213</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 13px;">
<tr>
<td style="vertical-align: middle; width: 24%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td colspan="13" style="vertical-align: middle; width: 76%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">September
30, 2016 (recast)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 24%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td colspan="13" style="vertical-align: middle; width: 76%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Operations
Center in Argentina</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 24%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Shopping
Malls</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Offices
and others</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Sales
and developments</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Hotels</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">International</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Financial
operations, Corporate and others</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Total</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 24%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Revenues</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">682</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">101</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">1</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">173</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">957</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 24%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Costs</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(74)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(8)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(5)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(116)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(203)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 24%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Gross
profit / (Loss)</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">608</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">93</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">(4)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">57</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">754</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 24%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Net gain from
fair value adjustment of investment properties</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">886</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">147</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">37</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">1,070</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 24%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">General and
administrative expenses</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(49)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(6)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(11)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(31)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(22)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(33)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(152)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 24%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Selling
expenses</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(42)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(15)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(3)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(22)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(5)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(87)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 24%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Other operating
results, net</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(9)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">5</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(3)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(4)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(1)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(12)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 24%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-weight: bold; font-size: 13px;">Profit /
(Loss) from operations</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">1,394</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">224</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">16</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">4</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">(26)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">(39)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">1,573</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 24%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Share of profit
/ (loss) of joint ventures and associates</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">12</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">7</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(24)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">53</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">48</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 24%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Segment
profit / (loss)</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">1,394</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">236</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">23</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">4</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">(50)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">14</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">1,621</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 24%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 24%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Investment
properties</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">27,479</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">5,950</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">4,062</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">37,491</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 24%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Property, plant
and equipment</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">50</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">33</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">2</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">153</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">2</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">240</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 24%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Trading
properties</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">616</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">616</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 24%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Goodwill</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">7</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">86</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">93</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 24%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Right to
receive future units under barter agreements</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">90</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">90</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 24%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Inventories</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">21</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">1</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">9</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">31</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 24%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Investments in
joint ventures and associates</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">53</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">69</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">116</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">1,768</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">2,006</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 24%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Operating
assets</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">27,557</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">6,122</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">4,840</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">162</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">118</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">1,768</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">40,567</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px;">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Arial; font-size: 13px">14</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-size: 16px;">IRSA Inversiones
y Representaciones Sociedad An&#xF3;nima</font></div>
<div>&#xA0;</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%; border-bottom: solid 1px #000000">
<!--Rule Below Paragraph--></div>
</div>
</div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 60px;">
<font style="font-size: 13px;">Below is a summarized analysis of
the lines of business of Group&#x2019;s operations center in Israel
for the periods ended September 30, 2017 and 2016:</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 13px;">
<tr>
<td style="vertical-align: middle; width: 25%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td colspan="12" style="vertical-align: middle; width: 75%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">September
30, 2017</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 25%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td colspan="12" style="vertical-align: middle; width: 75%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Operations
Center in Israel</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 25%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Real
Estate</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Supermarkets</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Telecommunications</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Insurance</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Others</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Total</font></div>
</td>
<td style="vertical-align: top; width: 0%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 25%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Revenues</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">997</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">13,182</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">4,226</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">189</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">18,594</font></div>
</td>
<td style="vertical-align: top; width: 0%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 25%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Costs</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(250)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(9,813)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(2,991)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(10)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(13,064)</font></div>
</td>
<td style="vertical-align: top; width: 0%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 25%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Gross
profit</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">747</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">3,369</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">1,235</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">179</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">5,530</font></div>
</td>
<td style="vertical-align: top; width: 0%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 25%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Net gain from
fair value adjustment of investment properties</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">922</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">922</font></div>
</td>
<td style="vertical-align: top; width: 0%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 25%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">General and
administrative expenses</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(83)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(202)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(382)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(146)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(813)</font></div>
</td>
<td style="vertical-align: top; width: 0%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 25%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Selling
expenses</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(26)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(2,600)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(826)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(18)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(3,470)</font></div>
</td>
<td style="vertical-align: top; width: 0%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 25%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Other operating
results, net</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">22</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(78)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">145</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(53)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">36</font></div>
</td>
<td style="vertical-align: top; width: 0%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 25%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-weight: bold; font-size: 13px;">Profit/
(Loss) from operations</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">1,582</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">489</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">172</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">(38)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">2,205</font></div>
</td>
<td style="vertical-align: top; width: 0%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 25%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Share of (loss)
/ profit of joint ventures and associates</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(210)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">4</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">105</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(101)</font></div>
</td>
<td style="vertical-align: top; width: 0%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 25%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Segment
profit</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">1,372</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">493</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">172</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">67</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">2,104</font></div>
</td>
<td style="vertical-align: top; width: 0%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 25%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 0%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 25%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Operating
assets</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">83,752</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">37,486</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">32,601</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">8,652</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">18,283</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">180,774</font></div>
</td>
<td style="vertical-align: top; width: 0%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 25%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Operating
liabilities</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(66,424)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(26,196)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(25,996)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(41,230)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(159,846)</font></div>
</td>
<td style="vertical-align: top; width: 0%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 25%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Operating
assets / (liabilities), net</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">17,328</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">11,290</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">6,605</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">8,652</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">(22,947)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">20,928</font></div>
</td>
<td style="vertical-align: top; width: 0%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div>&#xA0;</div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 13px;">
<tr>
<td style="vertical-align: bottom; width: 26%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td colspan="11" style="vertical-align: middle; width: 74%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">September
30, 2016 (recast)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 26%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td colspan="11" style="vertical-align: middle; width: 74%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Operations
Center in Israel</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 26%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Real
Estate</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Supermarkets</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Telecommunications</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Insurance</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Others</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Total</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 26%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Revenues</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">1,049</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">11,467</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">3,841</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">142</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">16,499</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 26%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Costs</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(411)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(8,716)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(2,565)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(88)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(11,780)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 26%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Gross
profit</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">638</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">2,751</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">1,276</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">54</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">4,719</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 26%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Net gain from
fair value adjustment of investment properties</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">336</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">336</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 26%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">General and
administrative expenses</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(63)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(149)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(355)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(135)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(702)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 26%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Selling
expenses</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(19)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(2,202)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(851)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(11)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(3,083)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 26%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Other operating
results, net</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(15)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(7)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(34)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(56)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 26%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-weight: bold; font-size: 13px;">Profit /
(Loss) from operations</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">892</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">385</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">63</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">(126)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">1,214</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 26%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Share of (loss)
/ profit of joint ventures and associates</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(101)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">54</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(47)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 26%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Segment
profit / (loss)</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">791</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">385</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">63</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">(72)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">1,167</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 26%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 26%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Operating
assets</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">59,901</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">29,121</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">27,455</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">4,793</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">28,485</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">149,755</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 26%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Operating
liabilities</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(48,387)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(23,034)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(21,780)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(41,325)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(134,526)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 26%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Operating
assets / (liabilities), net</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">11,514</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">6,087</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">5,675</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">4,793</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">(12,840)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">15,229</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">The following
tables present a reconciliation between the total profit / (loss)
from operations as per segment information and the profit / (loss)
from operations as per the Statements of Income:</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 13px;">
<tr>
<td style="vertical-align: middle; width: 36%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td colspan="10" style="vertical-align: middle; width: 64%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">September
30, 2017</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 36%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Total as
per segment information</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Joint
ventures</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Expenses
and collective promotion funds</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Elimination
of inter-segment transactions</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Total as
per statement of income</font></div>
</td>
<td style="vertical-align: top; width: 0%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 36%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Revenues</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">19,814</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(11)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">413</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(3)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">20,213</font></div>
</td>
<td style="vertical-align: top; width: 0%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 36%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Costs</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(13,313)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">4</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(419)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">1</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(13,727)</font></div>
</td>
<td style="vertical-align: top; width: 0%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 36%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Gross
profit</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">6,501</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">(7)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">(6)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">(2)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">6,486</font></div>
</td>
<td style="vertical-align: top; width: 0%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 36%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Net gain from
fair value adjustments of investment properties</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">3,443</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(39)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">3,404</font></div>
</td>
<td style="vertical-align: top; width: 0%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 36%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">General and
administrative expenses</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(1,010)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">12</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">3</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(995)</font></div>
</td>
<td style="vertical-align: top; width: 0%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 36%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Selling
expenses</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(3,562)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">1</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(3,561)</font></div>
</td>
<td style="vertical-align: top; width: 0%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 36%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Other operating
results, net</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">9</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">16</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(1)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">24</font></div>
</td>
<td style="vertical-align: top; width: 0%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 36%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-weight: bold; font-size: 13px;">Profit
from operations</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">5,381</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">(17)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">(6)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">5,358</font></div>
</td>
<td style="vertical-align: top; width: 0%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 36%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Share of profit
of joint ventures and associates</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">386</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">12</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">398</font></div>
</td>
<td style="vertical-align: top; width: 0%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 36%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-weight: bold; font-size: 13px;">Profit
before financial results and income tax</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">5,767</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">(5)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">(6)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">5,756</font></div>
</td>
<td style="vertical-align: top; width: 0%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px;">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Arial; font-size: 13px">15</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-size: 16px;">IRSA Inversiones
y Representaciones Sociedad An&#xF3;nima</font></div>
<div>&#xA0;</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%; border-bottom: solid 1px #000000">
<!--Rule Below Paragraph--></div>
</div>
</div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 13px;">
<tr>
<td style="vertical-align: middle; width: 36%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td colspan="9" style="vertical-align: middle; width: 64%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">September
30, 2016 (recast)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 36%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Total as
per segment information</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Joint
ventures</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Expenses
and collective promotion funds</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Elimination
of inter-segment transactions</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Total as
per statement of income</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 36%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Revenues</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">17,456</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(9)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">341</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(1)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">17,787</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 36%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Costs</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(11,983)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">5</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(348)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(12,326)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 36%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-weight: bold; font-size: 13px;">Gross
profit</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">5,473</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">(4)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">(7)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">(1)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">5,461</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 36%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Net gain from
fair value adjustment of investment properties</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">1,406</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(10)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">1,396</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 36%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">General and
administrative expenses</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(854)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">1</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">1</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(852)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 36%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Selling
expenses</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(3,170)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">1</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(3,169)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 36%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Other operating
results, net</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(68)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(1)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(69)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 36%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-weight: bold; font-size: 13px;">Profit
from operations</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">2,787</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">(13)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">(7)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">2,767</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 36%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Share of profit
of joint ventures and associates</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">1</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">8</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">9</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 36%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-weight: bold; font-size: 13px;">Profit
before financial results and income tax</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">2,788</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">(5)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">(7)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">2,776</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">The following
tables present a reconciliation between total segment assets as per
segment information of Operations Centers in Argentina and Israel
and total assets as per the Statement of Financial
Position.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 13px;">
<tr>
<td style="vertical-align: middle; width: 33%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: middle; width: 33%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">September
30, 2017</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: middle; width: 32%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">September
30, 2016 (recast)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 33%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Operations
Center in Argentina</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Operations
Center in Israel</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Total</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Operations
Center in Argentina</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Operations
Center in Israel</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Total</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 33%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Total
assets based on segment information</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">48,213</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">180,774</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">228,987</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">40,567</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">149,755</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">190,322</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 33%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Proportionate
share in assets per segment of joint ventures</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(954)</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(954)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(773)</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(773)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 33%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Investment in
joint ventures (1)</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">689</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">689</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">613</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">613</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 33%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Other
non-reportable assets (2)</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">10,649</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">10,649</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">7,477</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">7,477</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 33%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Total
assets as per Statement of Financial Position</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">58,597</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">180,774</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">239,371</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">47,884</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">149,755</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">197,639</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 36px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px;">(1)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-size: 13px;">Represents the equity value of joint ventures
that were proportionately consolidated for information by segment
purposes.</font></div>
</div>
</div>
<div style="margin-left: 36px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px;">(2)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-size: 13px;">Includes deferred income tax asset, income tax
and MPIT credits, trade and other receivables, investment in
financial assets, cash and cash equivalents and intangible assets
except for right to receive future units under barter agreements,
net of investments in associates with negative equity which are
included in provisions in the amount of Ps. 21, as of September 30,
2016.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div>&#xA0;</div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px;">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Arial; font-size: 13px">16</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-size: 16px;">IRSA Inversiones
y Representaciones Sociedad An&#xF3;nima</font></div>
<div>&#xA0;</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%; border-bottom: solid 1px #000000">
<!--Rule Below Paragraph--></div>
</div>
</div>
<div style="margin-left: 36px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 60px">
<font style="font-weight: bold; font-size: 13px;">7.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-size: 13px;">Information about the main
subsidiaries</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="font-size: 13px;">The Group conducts its business
through several operating and holding subsidiaries. The Group
considers that the subsidiaries below are the ones with significant
non-controlling interests to the Group.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 13px;">
<tr>
<td style="vertical-align: middle; width: 5%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td colspan="13" style="vertical-align: bottom; width: 41%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 7px;">As of
September 30, 2017</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td colspan="17" style="vertical-align: bottom; width: 53%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 7px;">Period
ended September 30, 2017</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 5%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-size: 7px;">Direct interest of
non-controlling interest %</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 7px;">Current
Assets</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 7px;">Non-current
Assets</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 7px;">Current
Liabilities</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 7px;">Non-current
Liabilities</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 7px;">Net
assets</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 7px;">Book
value of non-controlling interests</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 7px;">Revenues</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 7px;">Net
income / (loss)</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 7px;">Total
comprehensive income / (loss)</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 7px;">Total
comprehensive profit / (loss) attributable to non-controlling
interest</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 7px;">Cash of
operating activities</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 7px;">Cash of
investing activities</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 7px;">Cash of
financing activities</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 7px;">Net
Increase (decrease) in cash and cash equivalents</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 7px;">Dividends
distribution to non-controlling shareholders</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 5%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">Elron</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">49.68%</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">1,450</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">1,111</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">143</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">14</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">2,404</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">1,793</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">(145)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">(61)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">(132)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">(79)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">105</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">22</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">48</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 5%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">PBC</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">35.56%</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">18,273</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">62,451</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">10,507</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">54,395</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">15,822</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">12,354</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">997</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">(171)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">(356)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">426</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">571</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">(2,565)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">2,073</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">79</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 5%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">Cellcom</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">57.74%</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">12,444</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">17,925</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">8,595</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">16,446</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">5,328</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">3,720</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">4,226</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">53</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">35</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">1,120</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">(1,103)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">844</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">861</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 5%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">Shufersal</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">45.81%</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">11,634</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">23,549</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">13,442</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">13,055</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">8,686</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">5,366</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">13,182</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">312</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">(22)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">189</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">307</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">(360)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">809</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">756</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 5%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 5%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 5%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 5%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 5%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 5%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 5%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 5%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 5%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td colspan="13" style="vertical-align: bottom; width: 41%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 7px;">As of
June 30, 2017</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td colspan="17" style="vertical-align: bottom; width: 53%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 7px;">Period
ended September 30, 2016 (recast)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 5%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-size: 7px;">Direct interest of
non-controlling interest %</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 7px;">Current
Assets</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 7px;">Non-current
Assets</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 7px;">Current
Liabilities</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 7px;">Non-current
Liabilities</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 7px;">Net
assets</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 7px;">Book
value of non-controlling interests</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 7px;">Revenues</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 7px;">Net
income / (loss)</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 7px;">Total
comprehensive income / (loss)</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 7px;">Total
comprehensive profit / (loss) attributable to non-controlling
interest</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 7px;">Cash of
operating activities</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 7px;">Cash of
investing activities</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 7px;">Cash of
financing activities</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 7px;">Net
Increase (decrease) in cash and cash equivalents</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 7px;">Dividends
distribution to non-controlling shareholders</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 5%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">Elron</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">49.68%</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">1,669</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">1,183</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">162</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">9</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">2,681</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">1,975</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">(60)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">45</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">(45)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">(52)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">(109)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">(161)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 5%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">PBC</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">35.56%</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">15,391</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">64,345</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">10,197</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">53,713</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">15,826</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">11,161</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">1,049</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">97</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">142</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">209</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">485</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">105</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">(56)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">534</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 5%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">Cellcom</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">57.74%</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">12,163</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">18,273</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">8,171</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">16,928</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">5,337</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">3,706</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">3,841</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">(19)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">(11)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">762</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">(385)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">747</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">1,124</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 5%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">Shufersal</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">39.33%</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">14,124</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">23,482</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">16,256</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">12,984</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">8,366</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">3,840</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">11,467</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">220</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">(19)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">131</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">937</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">(384)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">(400)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">153</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 7px;">&#xA0;-</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px;">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Arial; font-size: 13px">17</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-size: 16px;">IRSA Inversiones
y Representaciones Sociedad An&#xF3;nima</font></div>
<div>&#xA0;</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%; border-bottom: solid 1px #000000">
<!--Rule Below Paragraph--></div>
</div>
</div>
<div style="margin-left: 37px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 49px">
<font style="font-weight: bold; font-size: 13px;">8.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-size: 13px;">Investments in associates and
joint ventures</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="font-size: 13px;">Changes in the Group&#x2019;s
investments in associates for the three-month period ended
September 30, 2017 and for the year ended June 30, 2017 were as
follows:</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 13px;">
<tr>
<td style="vertical-align: middle; width: 61%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">September
30, 2017</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">June 30,
2017</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 61%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Beginning
of the period / year</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">4,575</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">14,429</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 61%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Increase in
equity interest in associates</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">35</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">1,102</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 61%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Issuance of
capital and contributions</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">44</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">46</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 61%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Capital
reduction</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(97)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(32)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 61%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Share of
profit</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">427</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">85</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 61%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Cumulative
translation adjustment</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(32)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(210)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 61%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Cash dividends
(i)</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(11)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(185)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 61%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Reclassification to held
for sale</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(44)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(10,709)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 61%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Others</font></div>
</td>
<td style="vertical-align: middle; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">49</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 61%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">End of
the period / year (ii)</font></div>
</td>
<td style="vertical-align: middle; width: 19%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">4,897</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 19%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">4,575</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 60px; margin-right: 0px; text-indent: -24px;">
<font style="font-size: 13px;">(i) During the period ended
September 30, 2017 the balance corresponds to Condor. During the
fiscal year ended June 30, 2017 the balance corresponds: Ps. 101 to
Emco, Ps. 36 to Aviareps AG, Ps. 22 to Condor, Ps. 19 to Manibil
and Ps. 7 to Millenium.</font></div>
<div style="text-align: justify; margin-left: 60px; margin-right: 0px; text-indent: -24px;">
<font style="font-size: 13px;">(ii)&#xA0;As of June 30, 2017
includes Ps. (72) reflecting interests in companies with negative
equity, which were disclosed in &#x201C;Provisions&#x201D; (see Note
18).</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 48px;">
<font style="font-size: 13px;">Changes in the Group&#x2019;s
investments in joint ventures for the three-month period ended
September 30, 2017 and for the year ended June 30, 2017 were as
follows:</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 13px;">
<tr>
<td style="vertical-align: middle; width: 61%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">September
30, 2017</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">June 30,
2017</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 61%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Beginning
of the period / year</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">3,238</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">2,406</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 61%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Decrease for
control obtainment</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(59)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 61%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Incorporated by
business combination</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">107</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 61%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Capital
contributions</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">12</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">114</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 61%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Share of (loss)
/ profit</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(29)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">293</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 61%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Cumulative
translation adjustment</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(4)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">442</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 61%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Cash dividends
(i)</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(65)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 61%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Liquidation
distribution (ii)</font></div>
</td>
<td style="vertical-align: middle; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(65)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 61%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">End of
the period / year</font></div>
</td>
<td style="vertical-align: middle; width: 19%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">3,152</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 19%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">3,238</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 36px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px;">(i)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-size: 13px;">During the fiscal year ended June 30, 2017 the
balance corresponds: Ps. 36 to Manaman, Ps. 12 to NPSF, Ps. 9 to
LRSA, Ps. 7 to Cyrsa S.A. and Ps. 1 to Baicom.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 60px; margin-right: 0px; text-indent: -24px;">
<font style="font-size: 13px;">(ii)&#xA0;It corresponds to the
distribution following the partial liquidation of
Baicom.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px;">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Arial; font-size: 13px">18</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-size: 16px;">IRSA Inversiones
y Representaciones Sociedad An&#xF3;nima</font></div>
<div>&#xA0;</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%; border-bottom: solid 1px #000000">
<!--Rule Below Paragraph--></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: -5px; text-indent: 48px;">
<font style="font-size: 13px;">The table below lists additional
information about the Group&#x2019;s investments in
associates:</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 13px;">
<tr>
<td rowspan="2" style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Name of
the entity</font></div>
</td>
<td rowspan="2" style="vertical-align: middle; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Place of
business / Country of incorporation</font></div>
</td>
<td rowspan="2" style="vertical-align: middle; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Main</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">activity</font></div>
</td>
<td rowspan="2" style="vertical-align: middle; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Common
shares 1 vote</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Value of
Group's interest in equity</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 2px solid #000000">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Group's
interest in comprehensive income / (loss)</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 2px solid #000000">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-weight: bold; font-size: 13px;">%
ownership interest</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: middle; width: 27%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-weight: bold; font-size: 13px;">Latest
financial statements issued</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">September
30, 2017</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">June 30,
2017</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">September
30, 2017</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">September
30, 2016 (recast)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">September
30, 2017</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">June 30,
2017</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Share
capital (nominal value)</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Profit /
(loss) for the period</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Shareholders&#x2019;
equity</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">New Lipstick
(1)</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">U.S.A.</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Real
estate</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">N/A</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">39</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(72)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">111</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(46)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">49.9%</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">49.9%</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">N/A</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(*)
(24)</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(*)
(159)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">BHSA</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Argentina</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Financial</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">448,689,072</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">2,064</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">1,693</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">371</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">39</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">29.9%</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">29.9%</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;&#xA0;(***)
1,500</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;&#xA0;(***)
625</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;&#xA0;(***)
6,681</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Condor</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">U.S.A.</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Hotel</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">3,337,613</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">657</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">634</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">30</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">25</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">28.6%</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">28.7%</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">N/A</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;(*)
5</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;(*)
100</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">PBEL</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">India</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Real
estate</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">450,000</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">663</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">768</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(60)</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(42)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">45.4%</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">45.4%</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;(**)
1</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(**)
(40)</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(**)
(592)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Other
associates</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">1,474</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">1,552</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(57)</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">265</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 2px solid #000000">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">N/A</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">N/A</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">N/A</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 9%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">4,897</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">4,575</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">395</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">241</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 4px double #000000">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 13%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 60px; margin-right: 0px; text-indent: -24px;">
<font style="font-size: 13px;"><font style="color: #000000">(1)</font>&#xA0;<font style="color: #000000">Metropolitan, a subsidiary of New Lipstick, has
renegotiated its non-recourse debt with IRSA, which amounted to US$
113.1, and obtained a debt reduction of US$ 20 by the lending bank,
an extension to April 30, 2020 and an interest rate reduction from
LIBOR + 4 b.p. to 2 b.p. upon payment of US$ 40 in cash (US$ 20 in
September 2017 and US$ 20 in October 2017), of which IRSA has
contributed with US$ 20. Following the renegotiation,
Metropolitan&#x2019;s debt amounts to US$ 53.1. Additionally,
Metropolitan has agreed to exercise on or before February 1, 2019
the purchase option on part of the land where the property is built
and, to deposit the sum of money corresponding to 1% of the
purchase price. Furthermore, Metropolitan has agreed to cause IRSA
and other shareholders to furnish the bank, on or before February
1, 2020, with a payment guarantee with financial ratios acceptable
to the Bank for the outstanding balance of the purchase price, or a
letter of credit in relation to the loan balance then
outstanding.</font></font></div>
<div style="text-align: justify; margin-left: 60px; margin-right: 0px; text-indent: -24px;">
<font style="font-size: 13px;"><font style="color: #000000">(*)</font>&#xA0;<font style="color: #000000">Amounts in millions of US Dollar under USGAAP.
Condor&#x2019;s year-end falls on December 31, so the Group
estimates their interest with a three-month lag, including material
adjustments, if any.</font></font></div>
<div style="text-align: justify; margin-left: 60px; margin-right: 0px; text-indent: -24px;">
<font style="font-size: 13px;"><font style="color: #000000">(**)</font>&#xA0;<font style="color: #000000">Amounts in millions of NIS.</font></font></div>
<div style="text-align: justify; margin-left: 60px; margin-right: 0px; text-indent: -24px;">
<font style="font-size: 13px;"><font style="color: #000000">(***)</font>&#xA0;Information as of June 30,
<font style="color: #000000">2017 according to BCRA's standards.
For the purpose of the valuation of the investment in the Company,
preliminary figures as of September 30, 2017 have been considered
with the necessary IFRS adjustments.</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: -5px; text-indent: 48px;">
<font style="font-size: 13px;">The table below lists additional
information about the Group&#x2019;s investments in joint
ventures:</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 13px;">
<tr>
<td rowspan="2" style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Name of
the entity</font></div>
</td>
<td rowspan="2" style="vertical-align: middle; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Place of
business / Country of incorporation</font></div>
</td>
<td rowspan="2" style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Main</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">activity</font></div>
</td>
<td rowspan="2" style="vertical-align: middle; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Common
shares 1 vote</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Value of
Group's interest in equity</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Group's
interest in comprehensive income / (loss)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-weight: bold; font-size: 13px;">%
ownership interest</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: middle; width: 24%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-weight: bold; font-size: 13px;">Latest
financial statements issued</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">September
30, 2017</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">June 30,
2017</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">September
30, 2017</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">September
30, 2016 (recast)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">September
30, 2017</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">June 30,
2017</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Share
capital (nominal value)</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Profit /
(loss) for the period</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Shareholders&#x2019;
equity</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Quality</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Argentina</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Real
estate</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">81,814,342</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">507</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">482</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">17</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">4</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">50.00%</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">50.00%</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">164</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">36</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">1,007</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">La Rural
SA</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Argentina</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Events and
others</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">714,498</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">124</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">113</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">11</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">11</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">50.00%</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">50.00%</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">1</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">32</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">59</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Mehadrin</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Israel</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">-</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">1,509,889</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">1,245</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">1,312</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(67)</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(38)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">45.41%</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">45.41%</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(*)
3</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;"><font style="color: #000000">(*)
(9</font><font style="color: #000000; font-size: 13px">)</font></font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(*)
527</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Other joint
ventures</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">-</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">1,276</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">1,331</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">6</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">13</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">-</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">N/A</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">N/A</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">N/A</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 12%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">3,152</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">3,238</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">(33)</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-size: 13px;"><font style="color: #000000">(10</font><font style="color: #000000; font-size: 13px">)</font></font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 60px; margin-right: -19px; text-indent: -24px;">
<font style="font-size: 13px;"><font style="color: #000000">(*)</font>&#xA0;<font style="color: #000000">Amounts in millions of NIS.</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px;">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Arial; font-size: 13px">19</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-size: 16px;">IRSA Inversiones
y Representaciones Sociedad An&#xF3;nima</font></div>
<div>&#xA0;</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%; border-bottom: solid 1px #000000">
<!--Rule Below Paragraph--></div>
</div>
</div>
<div style="margin-left: 37px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 49px">
<font style="font-weight: bold; font-size: 13px;">9.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-size: 13px;">Investment
properties</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 2px; text-indent: 48px;">
<font style="font-size: 13px;">Changes in the Group&#x2019;s
investment properties for the three-month period ended September
30, 2017 and for the year ended June 30, 2017 were as
follows:</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 13px;">
<tr>
<td style="vertical-align: middle; width: 37%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td colspan="7" style="vertical-align: bottom; width: 47%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-size: 13px;">Period
ended</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-size: 13px;">September 30,
2017</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-size: 13px;">Year
ended</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-size: 13px;">June 30,
2017</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 37%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Rental
properties</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Undeveloped
parcels of land</font></div>
</td>
<td style="vertical-align: bottom; width: 1%; border-bottom: 2px solid #000000">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Properties
under development</font></div>
</td>
<td style="vertical-align: top; width: 1%; border-bottom: 2px solid #000000">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Total</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Total</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 37%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Fair
value at the beginning of the period / year</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">89,301</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">7,647</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">3,005</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">99,953</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">82,703</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 37%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Additions</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">415</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">4</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">277</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">696</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">2,651</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 37%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Financial cost
charged</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">3</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 37%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Capitalized
leasing costs</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">7</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">7</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">24</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 37%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Amortization of
capitalized leasing costs (i)</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(1)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(1)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(2)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 37%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Transfers</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(4)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">4</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 37%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Transfers from
property, plant and equipment</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">156</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 37%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Transfers to
trading properties</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(351)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(351)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(14)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 37%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Transfers to
assets held for sale</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(71)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 37%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Reclassifications previous
periods</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(224)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 37%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Disposals due
to sales</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(26)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(26)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(220)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 37%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Cumulative
translation adjustment</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(596)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(47)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(61)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(704)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">10,494</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 37%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Fair value
adjustment</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">3,902</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(36)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(462)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">3,404</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">4,453</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 37%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Fair
value at the end of the period / year</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">92,647</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">7,572</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">2,759</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">102,978</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">99,953</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 36px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px;">(i)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-size: 13px;">Amortization charges of capitalized leasing
costs were included in &#x201C;Costs&#x201D; in the Statements of
Income (Note 21).</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="font-size: 13px;">The following amounts have been
recognized in the Statements of Income:</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 13px;">
<tr>
<td style="vertical-align: middle; width: 68%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">September
30,</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">2017</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-size: 13px;">September 30,
2016</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-size: 13px;">(recast)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 68%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Rental and
services income</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">2,454</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">1,946</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 68%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Direct
operating expenses</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(654)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(615)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 68%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Development
expenditures</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(35)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">(4)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 68%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Net realized
gain from fair value adjustment of investment
properties</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">24</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">19</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 68%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">Net unrealized
gain from fair value adjustment of investment
properties</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">3,380</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">1,377</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: -11px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">Valuation
techniques are described in Note 10 to the Consolidated Financial
Statements as of June 30, 2017. There were no changes to the
valuation techniques.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 37px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 49px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">10.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Property,
plant and equipment</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: -11px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">Changes
in the Group&#x2019;s property, plant and equipment for the
three-month period ended September 30, 2017 and for the year ended
June 30, 2017 were as follows:</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: bottom; width: 28%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="9" style="vertical-align: bottom; width: 60%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Period
ended</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">September
30, 2017</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Year
ended June 30, 2017</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 28%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Buildings and facilities</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Machinery and equipment</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Communication networks</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Others</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 28%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Costs</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">17,573</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">4,614</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">8,156</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1,973</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">32,316</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">25,839</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 28%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Accumulated
depreciation</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(1,418)</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(1,152)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(1,994)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(639)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(5,203)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(1,790)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 28%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Net book amount at the beginning of the year</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
16,155</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
3,462</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
6,162</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
1,334</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
27,113</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
24,049</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 28%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Additions</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">194</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">173</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">273</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">233</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">873</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">2,751</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 28%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Disposals</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(39)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(9)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(48)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(241)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 28%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Reclassification
to assets held for sale</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(1,557)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 28%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Impairment
/ recovery</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(31)</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(31)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">12</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 28%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Cumulative
translation adjustment</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">4</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(6)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">3</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">5,013</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 28%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Transfers
to investment properties</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(156)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 28%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Depreciation
charges (i)</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(174)</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(168)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(299)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(132)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(773)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(2,758)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 28%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Balances at the end of the period / year</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
16,148</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
3,467</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
6,091</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
1,429</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
27,135</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
27,113</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 28%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Costs</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">17,789</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">4,801</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">8,409</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">2,212</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">33,211</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">32,316</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 28%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Accumulated
depreciation</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(1,641)</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(1,334)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(2,318)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(783)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(6,076)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(5,203)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 28%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Net book amount at the end of the period / year</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
16,148</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
3,467</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
6,091</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
1,429</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
27,135</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
27,113</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 55px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 19px">
<font style="font-family: Times New Roman; font-size: 13px">(i)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">As of September 30,
2017, depreciation charges of property, plant and equipment were
recognized as follows: Ps. 462 in "Costs", Ps. 39 in "General and
administrative expenses" and Ps. 272 in "Selling expenses",
respectively in the statement of income (Note 21).</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Arial; font-size: 13px">20</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 16px">
IRSA Inversiones y Representaciones Sociedad
An&#xF3;nima</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%; border-bottom: solid 1px #000000">
<!--Rule Below Paragraph--></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 37px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 49px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">11.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Trading
properties</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: -11px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">Changes
in the Group&#x2019;s trading properties for the three-month period
ended September 30, 2017 and for the year ended June 30, 2017 were
as follows:</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: bottom; width: 31%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="7" style="vertical-align: bottom; width: 55%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Period
ended</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">September
30, 2017</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Year
ended June 30, 2017</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 31%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Completed properties</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Properties under development</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Undeveloped sites</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 31%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Beginning of the period / year</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
801</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
3,972</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
1,008</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
5,781</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
4,971</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 31%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Additions</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">347</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">26</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">373</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1,229</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 31%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Financial
costs capitalized</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 31%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Cumulative
translation adjustment</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">40</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">24</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(3)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">61</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">971</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 31%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Transfers</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">141</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(83)</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(57)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 31%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Transfers
from intangible assets</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">3</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">3</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">13</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 31%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Transfers
from investment properties</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">351</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">351</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">14</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 31%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Disposals</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(34)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(34)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(1,417)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 31%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
End of the period / year</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
1,302</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
4,261</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
974</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
6,537</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
5,781</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: middle; width: 56%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 21%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;September 30, 2017</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 21%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;June 30, 2017</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 56%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Non-current</font></div>
</td>
<td style="vertical-align: middle; width: 21%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">3,204</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 21%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">4,532</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 56%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Current</font></div>
</td>
<td style="vertical-align: middle; width: 21%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">3,333</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 21%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1,249</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 56%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total</font></div>
</td>
<td style="vertical-align: middle; width: 21%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
6,537</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 21%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
5,781</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 37px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 49px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">12.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Intangible
assets</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: -18px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">Changes
in the Group&#x2019;s intangible assets for the three-month period
ended September 30, 2017 and for the year ended June 30, 2017 were
as follows:</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: bottom; width: 26%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="13" style="vertical-align: bottom; width: 64%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Period
ended</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">September
30, 2017</font></div>
</td>
<td style="vertical-align: bottom; width: 1%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Year
ended June 30, 2017</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 26%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Goodwill</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Trademarks</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Licenses</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Customer relations</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Information systems and software</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Contracts and others</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 26%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Costs</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">2,778</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">4,029</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1,002</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">4,746</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">2,103</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1,659</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">16,317</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">12,979</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 26%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Accumulated
amortization</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(75)</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(210)</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(2,184)</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(814)</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(647)</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(3,930)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(1,216)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 26%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Net book amount at the beginning of the period / year</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2,778</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 4px double #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
3,954</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 4px double #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
792</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 4px double #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2,562</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 4px double #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
1,289</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 4px double #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
1,012</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 4px double #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
12,387</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
11,763</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 26%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Additions</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">22</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">119</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">40</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">181</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">612</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 26%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Disposals</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(52)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 26%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Reclassifications
previous periods</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">31</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 26%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Transfers
to assets held for sale</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(182)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 26%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Transfers
to trading properties</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(3)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(3)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(13)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 26%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Assets
incorporated by business combination</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">26</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 26%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Cumulative
translation adjustment</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(8)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(1)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(2)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(18)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(14)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(43)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">2,284</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 26%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Amortization
charges (i)</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(9)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(18)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(229)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(114)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(94)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(464)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(2,082)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 26%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Balances at the end of the period / year</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2,770</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
3,944</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
772</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2,337</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
1,294</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
941</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
12,058</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
12,387</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 26%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Costs</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">2,770</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">4,029</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1,000</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">4,770</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">2,232</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1,690</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">16,491</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">16,317</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 26%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Accumulated
amortization</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(85)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(228)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(2,433)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(938)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(749)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(4,433)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(3,930)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 26%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Net book amount at the end of the period / year</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2,770</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
3,944</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
772</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2,337</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
1,294</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
941</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
12,058</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
12,387</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 37px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 18px">
<font style="font-size: 13px; font-weight: bold; font-family: Times New Roman">(i)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">As of September 30,
2017, amortization charges were recognized in the amount of Ps. 108
in "Costs", Ps. 97 in "General and administrative expenses" and Ps.
259 in "Selling expenses", in the statement of income (Note
21).</font></div>
</div>
</div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Arial; font-size: 13px">21</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 16px">
IRSA Inversiones y Representaciones Sociedad
An&#xF3;nima</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%; border-bottom: solid 1px #000000">
<!--Rule Below Paragraph--></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 36px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">13.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Financial
instruments by category</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">The
present note shows the financial assets and financial liabilities
by category of financial instrument and a reconciliation to the
corresponding line in the Consolidated Statements of Financial
Position, as appropriate. Financial assets and liabilities measured
at fair value are assigned based on their different levels in the
fair value hierarchy. For further information, related to fair
value hierarchy see Note 14 to the Consolidated Financial
Statements as of June 30, 2017.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;Financial
assets and financial liabilities as of September 30, 2017 are as
follows:</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: middle; width: 28%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Financial assets at amortized cost (i)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: middle; width: 24%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Financial assets at fair value through profit or loss</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Subtotal financial assets</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Non-financial assets</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 28%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Level 1</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Level 2</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Level 3</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 28%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
September 30, 2017</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 28%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Assets as per Statement of Financial Position</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 28%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Trade
and other receivables (excluding the allowance for doubtful
accounts and other receivables)</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">15,629</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">2,251</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">17,880</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">4,079</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">21,959</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 28%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Investments
in financial assets:</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 28%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;-
Public companies&#x2019; securities</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">2,174</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">110</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">2,284</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">2,284</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 28%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;-
Private companies&#x2019; securities</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">787</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">787</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">787</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 28%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;-
Deposits</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1,316</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">14</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1,330</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1,330</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 28%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;-
Mutual funds</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">4,787</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">4,787</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">4,787</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 28%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;-
Bonds</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">7,693</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">363</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">8,056</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">8,056</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 28%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;-
Others</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">119</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">119</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">119</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 28%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Derivative
financial instruments:</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 28%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;-
Foreign-currency future contracts</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">23</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">23</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">23</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 28%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;-
Swaps</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">4</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">4</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">4</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 28%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;-
Others</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">19</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">19</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">19</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 28%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Restricted
assets</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1,721</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1,721</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1,721</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 28%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Financial
assets held for sale:</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 28%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;-
Clal</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">8,653</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">8,653</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">8,653</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 28%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Cash
and cash equivalents:</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 28%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;-
Cash at bank and on hand</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">8,017</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">8,017</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">8,017</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 28%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;-
Short-term investments</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">14,729</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">3,286</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">18,015</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">18,015</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 28%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total assets</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
41,412</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
26,726</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
409</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
3,148</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
71,695</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
4,079</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
75,774</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 28%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 28%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Financial liabilities at amortized cost (i)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: middle; width: 24%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Financial liabilities at fair value through profit or
loss</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Subtotal financial liabilities</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Non-financial liabilities</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 28%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Level 1</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Level 2</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Level 3</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 28%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
September 30, 2017</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 28%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Liabilities as per Statement of Financial Position</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 28%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Trade
and other payables</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">14,774</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">14,774</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">6,923</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">21,697</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 28%">
<div style="text-align: justify; margin-left: 36px; margin-right: -14px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Borrowings
(excluding finance leases)</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">139,222</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">139,222</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">139,222</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 28%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Derivative
financial instruments:</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 28%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;-
Foreign-currency future contracts</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">27</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">27</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">27</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 28%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;-
Swaps</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">14</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">14</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">14</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 28%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;-
Others</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">5</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">14</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">19</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">19</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 28%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;-
Forwards</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">110</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">110</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">110</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 28%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total liabilities</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
153,996</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
5</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
151</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
14</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
154,166</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
6,923</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
161,089</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 35px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 19px">
<font style="font-family: Times New Roman; font-size: 13px">(i)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">The fair value of
financial assets and liabilities at their amortized cost does not
differ significantly from their book value, except for borrowings
(Note 17).</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Arial; font-size: 13px">22</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 16px">
IRSA Inversiones y Representaciones Sociedad
An&#xF3;nima</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%; border-bottom: solid 1px #000000">
<!--Rule Below Paragraph--></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 84px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Financial assets
and financial liabilities as of June 30, 2017 were as
follows:</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: middle; width: 30%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Financial assets at amortized cost (i)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: middle; width: 26%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Financial assets at fair value through profit or loss</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Subtotal financial assets</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Non-financial assets</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 30%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Level 1</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Level 2</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Level 3</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 30%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
June 30, 2017</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 30%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Assets as per Statements of Financial Position</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 30%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Trade
and other receivables (excluding the allowance for doubtful
accounts and other receivables)</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">16,575</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">2,156</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">18,731</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">3,819</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">22,550</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 30%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Investments
in financial assets:</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 30%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;-
Public companies&#x2019; securities</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1,665</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">82</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1,747</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1,747</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 30%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;-
Private companies&#x2019; securities</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">16</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">964</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">980</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">980</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 30%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;-
Deposits</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1,235</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">13</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1,248</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1,248</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 30%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;-
Mutual funds</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">3,855</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">3,855</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">3,855</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 30%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;-
Bonds</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">4,719</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">425</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">5,144</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">5,144</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 30%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;-
Others</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">749</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">749</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">749</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 30%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Derivative
financial instruments:</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 30%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;-
Warrants</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">26</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">26</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">26</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 30%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;-
Foreign-currency future contracts</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">27</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">27</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">27</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 30%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;-
Swaps</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">29</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">29</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">29</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 30%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Restricted
assets</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">954</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">954</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">954</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 30%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Financial
assets held for sale:</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 30%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;-
Clal</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">8,562</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">8,562</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">8,562</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 30%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Cash
and cash equivalents:</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 30%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;-
Cash at bank and on hand</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">8,529</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">8,529</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">8,529</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 30%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;-
Short term investments</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">14,510</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1,815</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">16,325</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">16,325</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 30%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total assets</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
41,803</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
21,394</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
507</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
3,202</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
66,906</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
3,819</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
70,725</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 30%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 30%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Financial liabilities at amortized cost (i)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: middle; width: 26%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Financial liabilities at fair value through profit or
loss</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Subtotal financial liabilities</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Non-financial liabilities</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 30%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Level 1</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Level 2</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Level 3</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 30%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
June 30, 2017</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 30%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Liabilities as per Statement of Financial Position</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 30%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Trade
and other payables</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">16,166</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">16,166</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">7,713</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">23,879</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 30%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Borrowings
(excluding finance leases)</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">129,412</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">129,412</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">129,412</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 30%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Derivative
financial instruments:</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 30%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;-
Foreign-currency future contracts</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">5</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">5</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">5</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 30%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;-
Forwards</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">5</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">152</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">10</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">167</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">167</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 30%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total liabilities</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
145,578</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
5</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
157</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
10</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
145,750</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
7,713</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
153,463</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 41px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 53px">
<font style="font-family: Times New Roman; font-size: 13px">(i)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">The fair value of
financial assets and liabilities at their amortized cost does not
differ significantly from their book value, except for borrowings
(Note 17).</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">The
valuation models used by the Group for the measurement of Level 2
and Level 3 instruments are no different from those used as of June
30, 2017.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">As of
September 30, 2017, there have been no changes to the economic or
business circumstances affecting the fair value of the financial
assets and liabilities of the Group.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Arial; font-size: 13px">23</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 16px">
IRSA Inversiones y Representaciones Sociedad
An&#xF3;nima</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%; border-bottom: solid 1px #000000">
<!--Rule Below Paragraph--></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">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. When no quoted prices are available in an
active market, fair values (particularly with derivatives) are
based on recognized valuation methods.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 19%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 29%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: center"><font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Description</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: center"><font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Pricing model / method</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 29%; border-bottom: 2px solid #000000">
<div style="text-align: center"><font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Parameters</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: center"><font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Fair value hierarchy</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-bottom: 2px solid #000000">
<div style="text-align: center"><font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Range</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Trade
and other receivables - Cellcom</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Discounted
cash flows</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 29%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 12px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Discount
interest rate.</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Level
3</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 12px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">3.3</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Interest
rate swaps</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Cash
flows - Theoretical price</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 29%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 12px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Interest
rate futures contracts and cash flows</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Level
2</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 12px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Preferred
shares of Condor</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Binomial
tree &#x2013; Theoretical price I</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 29%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 12px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Underlying
asset price (Market price); share price volatility (historical) and
market interest-rate (Libor rate curve).</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Level
3</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Underlying
asset price 1.8 to 2.2</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Share
price volatility 58% to 78%</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Market
interest-rate</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 12px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1.7%
to 2.1%</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Promissory
note</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Discounted
cash flows - Theoretical price</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 29%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 12px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Market
interest-rate (Libor rate curve)</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Level
3</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Market
interest-rate</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 12px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1.8%
to 2.2%</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Warrants
of Condor</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Black-Scholes
&#x2013; Theoretical price</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 29%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 12px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Underlying
asset price (Market price); share price volatility (historical) and
market interest-rate (Libor rate curve).</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Level
2</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Underlying
asset price 1.8 to 1.7</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Share
price volatility 58% to 78%</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Market
interest-rate</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 12px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1.7%
to 2.1%</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Call
option of Arcos</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Discounted
cash flows</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 29%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 12px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Projected
revenues and discounting rate.</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Level
3</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 12px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Investments
in financial assets - Other private companies&#x2019;
securities</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Cash
flow / NAV - Theoretical price</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 29%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 12px;">
<font style="font-family: Times New Roman; font-size: 13px">Projected revenue
discounted at the discount rate /</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 12px;">
<font style="font-family: Times New Roman; font-size: 13px">The
value is calculated in accordance with shares in the equity funds
on the basis of their Financial Statements, based on fair value or
investments assessments.</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 12px;">
<font style="font-family: Times New Roman; font-size: 13px">Level
3</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 12px;">
<font style="font-family: Times New Roman; font-size: 13px">1 -
3.5</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Investments
in financial assets - Others</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Discounted
cash flow - Theoretical price</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 29%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 12px;">
<font style="font-family: Times New Roman; font-size: 13px">Projected revenue
discounted at the discount rate /</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 12px;">
<font style="font-family: Times New Roman; font-size: 13px">The
value is calculated in accordance with shares in the equity funds
on the basis of their Financial Statements, based on fair value or
investment assessments.</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 12px;">
<font style="font-family: Times New Roman; font-size: 13px">Level
3</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 12px;">
<font style="font-family: Times New Roman; font-size: 13px">1 -
3.5</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Derivative
financial instruments &#x2013; Forwards</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Theoretical
price</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 29%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 12px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Underlying
asset price and volatility</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 12px;">
<font style="font-family: Times New Roman; font-size: 13px">Level 2
and 3</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 12px;">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">The
following table presents the changes in Level 3 instruments as of
September 30, 2017 and June 30, 2017:</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: bottom; width: 30%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Investments in financial assets - Public companies&#x2019;
Securities</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Derivative financial instruments - Forwards</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Investments in financial assets - Private companies&#x2019;
Securities</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Trade and other receivables</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total as of September 30, 2017</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total as of June 30, 2017</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 30%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Balances at beginning of the period / year</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
82</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(10)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
964</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2,156</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
3,192</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(7,105)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 30%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Additions
and acquisitions</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">9</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">572</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">581</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1,761</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 30%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Transfer
to level 1 (i)</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(110)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">,</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(110)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 30%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Transfer
to current trade and other receivables</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(477)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(477)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(1,874)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 30%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Cumulative
translation adjustment</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">4</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(4)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(28)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(28)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">875</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 30%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Reclassification
to liabilities held for sale</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">11,272</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 30%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Write
off</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(782)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 30%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Gain
/ (loss) for the period / year (ii)</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">24</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(48)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(24)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(955)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 30%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Balances at the end of the period / year</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
110</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(14)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
787</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2,251</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
3,134</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
3,192</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 35px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 19px">
<font style="font-family: Times New Roman; font-size: 13px">(i)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">The group
transferred a financial asset measured at fair value from level 3
to level 1, because it began trading in the stock
exchange.</font></div>
</div>
</div>
<div style="margin-left: 35px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 19px">
<font style="font-family: Times New Roman; font-size: 13px">(ii)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Included within
&#x201C;Financial results, net&#x201D; in the Statements of
Income.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="text-decoration: underline; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Clal</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">As
mentioned in Note 14 to the Annual Financial Statements, IDBD is
subject to a judicial process on the sale of its equity interest in
Clal. On August 30, 2017, IDBD sold an additional 5% of its equity
interest in Clal through a swap transaction, based on the same
principles that were applied to the swap transaction mentioned in
Note 14 to the Consolidated Financial Statements as of June 30,
2017. The consideration for the transaction amounted to around NIS
152.5 (equivalent to approximately Ps. 762 as of the transaction
date). Following completion of the transaction, IDBD&#x2019;s
interest in Clal was reduced from 49.9% to 44.9% of its capital
stock.</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Arial; font-size: 13px">24</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 16px">
IRSA Inversiones y Representaciones Sociedad
An&#xF3;nima</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%; border-bottom: solid 1px #000000">
<!--Rule Below Paragraph--></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 36px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">14.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Trade
and other receivables</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">Group&#x2019;s trade
and other receivables as of September 30, 2017 and June 30, 2017
are as follows:</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: bottom; width: 31%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="5" style="vertical-align: bottom; width: 34%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
September 30, 2017</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="6" style="vertical-align: bottom; width: 34%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
June 30, 2017</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 31%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Non-current</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Current</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Non-current</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Current</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total</font></div>
</td>
<td style="vertical-align: top; width: 0%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 31%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Sale,
leases and services receivables</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">2,355</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">12,694</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">15,049</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">2,258</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">13,869</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">16,127</font></div>
</td>
<td style="vertical-align: top; width: 0%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 31%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Less:
Allowance for doubtful accounts</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(331)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(331)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(4)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(308)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(312)</font></div>
</td>
<td style="vertical-align: top; width: 0%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 31%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total trade receivables</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2,355</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
12,363</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
14,718</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2,254</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
13,561</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
15,815</font></div>
</td>
<td style="vertical-align: top; width: 0%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 31%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Prepaid
expenses</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1,685</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">770</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">2,455</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1,669</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">863</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">2,532</font></div>
</td>
<td style="vertical-align: top; width: 0%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 31%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Borrowings,
deposits and other debit balances</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">842</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1,954</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">2,796</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">893</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1,485</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">2,378</font></div>
</td>
<td style="vertical-align: top; width: 0%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 31%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Advances
to suppliers</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">981</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">981</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">825</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">825</font></div>
</td>
<td style="vertical-align: top; width: 0%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 31%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Tax
receivables</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">107</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">94</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">201</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">86</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">130</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">216</font></div>
</td>
<td style="vertical-align: top; width: 0%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 31%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Others</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">96</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">381</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">477</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">72</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">400</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">472</font></div>
</td>
<td style="vertical-align: top; width: 0%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 31%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total other receivables</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2,730</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
4,180</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
6,910</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2,720</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
3,703</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
6,423</font></div>
</td>
<td style="vertical-align: top; width: 0%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 31%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total trade and other receivables</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
5,085</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
16,543</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
21,628</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
4,974</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
17,264</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
22,238</font></div>
</td>
<td style="vertical-align: top; width: 0%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">Movements on the
Group&#x2019;s allowance for doubtful accounts were as
follows:</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: middle; width: 67%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
September 30,</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2017</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
June 30,</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2017</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 67%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Beginning of the period / year</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
312</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
173</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 67%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Additions</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">56</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">234</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 67%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Recoveries</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(7)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(11)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 67%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Cumulative
translation adjustment</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">182</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 67%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Receivables
written off during the period/year as uncollectable</font></div>
</td>
<td style="vertical-align: middle; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(31)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(266)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 67%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
End of the period / year</font></div>
</td>
<td style="vertical-align: middle; width: 17%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
331</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
312</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">The
creation and release of the allowance for doubtful accounts have
been included in &#x201C;Selling expenses&#x201D; in the Statement of
Income (Note 21).</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 36px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">15.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Cash
flow information</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">Following is a
detailed description of cash flows generated by the Group&#x2019;s
operations for the three-month periods ended September 30, 2017 and
2016:</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: middle; width: 69%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Note</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
September 30, 2017</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
September 30, 2016</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(recast)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 69%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Profit
for the period</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">74</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">344</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 69%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(Loss)
/ Profit for the period from discontinued operations</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(13)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">351</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 69%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px">
Adjustments for:</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 69%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Income
tax</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">19</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1,240</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">592</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 69%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Amortization
and depreciation</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">21</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1,237</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1,113</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 69%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Loss
from disposal of property, plant and equipment</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">22</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">7</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 69%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Net
gain from fair value adjustment of investment
properties</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(3,404)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(1,396)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 69%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Share-based
compensation</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">19</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">25</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 69%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Gain
from disposal of subsidiary</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(136)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 69%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Capitalized
leasing costs</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(7)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(2)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 69%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Other
financial results, net</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">4,895</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1,363</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 69%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Provisions
and allowances</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(41)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">13</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 69%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Share
of profit of associates and joint ventures</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">8</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(398)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(9)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 69%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px">
Changes in operating assets and liabilities:</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 69%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Decrease
in inventories</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">665</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">478</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 69%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Decrease
in trading properties</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">99</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">63</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 69%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Decrease
/ (Increase) in trade and other receivables</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">988</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(124)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 69%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Decrease
in trade and other payables</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(2,261)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(87)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 69%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Decrease
in salaries and social security liabilities</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(50)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(55)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 69%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Decrease
in provisions</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(162)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(2)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 69%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Net cash generated by continuing operating activities before income
tax paid</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2,767</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2,674</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 69%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Net
cash generated by discontinued operating activities before income
tax paid</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">66</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 12px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">98</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 69%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Net cash generated by operating activities before income tax
paid</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2,833</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2,772</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Arial; font-size: 13px">25</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 16px">
IRSA Inversiones y Representaciones Sociedad
An&#xF3;nima</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%; border-bottom: solid 1px #000000">
<!--Rule Below Paragraph--></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">The
following tables show a detail of significant non-cash transactions
occurred in the three-month periods ended September 30, 2017 and
2016:</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: middle; width: 65%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 5%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
September 30, 2017</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
September 30, 2016 (recast)</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 65%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Increase
in investments in associates and joint ventures through a decrease
in trade and other receivables</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 5%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">12</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 65%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Decrease
in trade and other payables through a decrease in financial
assets</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 5%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">13</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 65%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Increase
in investment properties through an increase in trade and other
payables</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 5%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">66</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">85</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 65%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Increase
in restricted assets through an increase in borrowings</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 5%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1,322</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: bottom; width: 69%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 5%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: bottom; width: 12%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 12%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">Balances
incorporated as result of business combination / reclassification
of assets and liabilities held for sale:</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: middle; width: 83%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
September 30, 2016 (recast)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 83%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Property,
plant and equipment</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">12</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 83%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Intangible
assets</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">4</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 83%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Investments
in associates and joint ventures</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">11,401</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 83%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Deferred
income tax</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(18)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 83%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Trade
and other receivables</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(56)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 83%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Income
tax and MPIT credit</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(1)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 83%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Group
of assets held for sale</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(11,494)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 83%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Trade
and other payables</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(17)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 83%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Salaries
and social security liabilities</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(8)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 83%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Borrowings</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(11,256)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 83%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Provisions</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">2</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 83%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Income
tax and MPIT liabilities</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">2</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 83%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Group
of liabilities held for sale</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">11,369</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 83%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Net amount of non-cash assets incorporated / held for
sale</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(60)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 83%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Cash
and cash equivalents</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">5</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 83%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Non-controlling
interest</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">36</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 83%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Goodwill
not yet allocated</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(82)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 83%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Net amount of assets incorporated / held for sale</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(101)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 83%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Interest
held before acquisition</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">59</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 83%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Seller
financing</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">17</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 83%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Cash
and cash equivalents incorporated / held for sale</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(5)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 83%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Net outflow of cash and cash equivalents / assets and liabilities
held for sale</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(30)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 36px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">16.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Trade
and other payables</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">Group&#x2019;s trade
and other payables as of September 30, 2017 and June 30, 2017 were
as follows:</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: middle; width: 36%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="5" style="vertical-align: middle; width: 33%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
September 30, 2017</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="5" style="vertical-align: middle; width: 30%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
June 30, 2017</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 36%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Non-current</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Current</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Non-current</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Current</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 36%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Trade
payables</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1,333</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">11,874</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">13,207</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">2,067</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">12,726</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">14,793</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 36%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Sales,
rental and services payments received in advance</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">4,047</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">4,047</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">4,339</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">4,339</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 36%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Construction
obligations</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">658</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">558</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1,216</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">873</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">353</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1,226</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 36%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Accrued
invoices</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">790</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">790</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">633</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">633</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 36%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Deferred
income</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">73</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">73</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">73</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">73</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 36%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total trade payables</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2,064</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
17,269</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
19,333</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
3,013</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
18,051</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
21,064</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 36%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Dividends
payable to non-controlling shareholders</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">53</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">53</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">251</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">251</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 36%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Tax
payables</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">135</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">135</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">510</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">510</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 36%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Construction
obligations</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">320</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">320</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">343</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">343</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 36%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Non-current
other payables</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">63</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1,793</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1,856</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">27</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1,684</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1,711</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 36%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total other payables</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
63</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2,301</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2,364</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
27</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2,788</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2,815</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 36%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total trade and other payables</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2,127</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
19,570</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
21,697</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
3,040</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
20,839</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
23,879</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">The
fair value of payables approximate their respective carrying
amounts because, due to their short-term nature, the effect of
discounting is not considered significant. Fair values are based on
discounted cash flows (Level 3).</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Arial; font-size: 13px">26</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 16px">
IRSA Inversiones y Representaciones Sociedad
An&#xF3;nima</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%; border-bottom: solid 1px #000000">
<!--Rule Below Paragraph--></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 36px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">17.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Borrowings</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">The
breakdown of the Group&#x2019;s borrowings as of September 30, 2017
and June 30, 2017 was as follows:</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: middle; width: 24%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="5" style="vertical-align: middle; width: 37%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
September 30, 2017</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="5" style="vertical-align: middle; width: 37%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
June 30, 2017</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 24%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Non-current</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Current</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Non-current</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Current</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 24%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">NCN</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">103,513</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">15,460</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">118,973</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">92,394</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">16,023</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">108,417</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 24%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Bank
loans</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">15,091</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">2,837</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">17,928</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">9,924</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">2,088</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">12,012</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 24%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Non-recourse
loans</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">7,025</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">7,025</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 24%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Bank
overdrafts</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">451</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">451</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">91</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">91</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 24%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Other
borrowings (i)</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1,736</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">140</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1,876</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">146</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1,724</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1,870</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 24%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total borrowings</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
120,340</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
18,888</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
139,228</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
109,489</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
19,926</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
129,415</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 60px; margin-right: 0px; text-indent: -24px;">
<font style="font-family: Times New Roman; font-size: 13px">(i)
Includes finance leases in the amount of Ps. 6 as of September 30,
2017 and Ps. 4 as of June 30, 2017.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">Borrowings&#x2019;
fair value as of September 30, 2017 and June 30, 2017, was as
follows:</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: middle; width: 24%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="5" style="vertical-align: middle; width: 37%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
September 30, 2017</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="5" style="vertical-align: middle; width: 38%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
June 30, 2017</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 24%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Operations Center in Argentina</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Operations Center in Israel</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Operations Center in Argentina</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Operations Center in Israel</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 24%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">NCN</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">14,714</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">107,040</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">121,754</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">10,647</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">99,517</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">110,164</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 24%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Bank
loans</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1,062</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">17,539</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">18,601</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1,030</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">11,018</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">12,048</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 24%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Bank
overdrafts</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">452</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000; font-size: 13px">&#xA0;-</font><font style="color: #000000">&#xA0;</font></font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">452</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">77</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">14</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">91</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 24%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Non-recourse
loans</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000; font-size: 13px">&#xA0;-</font><font style="color: #000000">&#xA0;</font></font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000; font-size: 13px">&#xA0;-</font><font style="color: #000000">&#xA0;</font></font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">6,930</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">6,930</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 24%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Other
borrowings</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">226</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1,622</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1,848</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">204</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1,624</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1,828</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 24%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total borrowings</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
16,454</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
126,201</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
142,655</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
11,958</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
119,103</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
131,061</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 84px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Operations
Center in Argentina</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">IRSA CP</font>: On September 5, 2017
Class III and IV NCN were tendered under the Program approved for
up to US$ 500 for a nominal value of US$ 140 to be matured 36
months after the issuing date, paid in and payable in US Dollars,
which will accrue interest at an annual fixed interest rate of
5.0%, interest payable on a quarterly basis. Principal will be
amortized in only one installment due on September 14, 2020. The
settlement took place on September 12, 2017. The offering of Class
III NCN was declared vacant.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Operations
Center in Israel</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">IDBD</font>: In July 2017, IDBD made a
public offering of approximately NIS 642.1 nominal value of
corporate notes (Series N), the corporate notes accrue interest at
a 5% annual rate. Taking into account the issue costs, the net
consideration reflects an effective interest rate of 5.3% per year.
Principal will be canceled in only one installment due on December
30, 2022 and interest will be payable on a quarterly basis. IDBD is
entitled to redeem corporate notes, in whole or in part, through an
early redemption in accordance with the provisions of the issue
prospectus. To secure full compliance with all commitments, IDBD
has pledged around 60.4 million of shares of DIC with a single
first lien and in guarantee by means of the lien, in an unlimited
amount, in favor of the trustee for the benefit of corporate
note-holders.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">DIC</font>: On September 28, 2017 DIC
offered the holders of NCN Series F to swap their notes for NCN
Series J. NCN Series J terms and conditions differ substantially
from those of Series F. Therefore, DIC recorded the payment of NCN
Series F and recognized a new financial commitment at fair value
for NCN Series J. As a result of the swap, DIC recorded a loss
resulting from the difference between the NCN Series F cancellation
value and the new debt value in the amount of approximately NIS 461
(equal to approximately Ps. 2,228 as of that date), which was
accounted for under &#x201C;Financial costs&#x201D; (Note
23).</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Arial; font-size: 13px">27</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 16px">
IRSA Inversiones y Representaciones Sociedad
An&#xF3;nima</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%; border-bottom: solid 1px #000000">
<!--Rule Below Paragraph--></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 60px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">18.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Provision
allowances</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">The
table below shows the movements in the Group's provisions
categorized by type:</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: middle; width: 22%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="11" style="vertical-align: bottom; width: 66%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Period
ended</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">September
30, 2017</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Year
ended June 30, 2017</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 22%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Legal claims (i)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Investments in associates and joint ventures (ii)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Site dismantling and remediation</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Onerous contracts</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Other provisions</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 22%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Beginning of period / year</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
821</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
72</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
140</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
220</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
580</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
1,833</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
1,571</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 22%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Additions</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">55</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(31)</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">24</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">502</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 22%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Incorporated
by business combination</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">2</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 22%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Recovery</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(28)</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(72)</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(48)</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(14)</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(162)</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(319)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 22%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Used
during the period / year</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(8)</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(8)</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(219)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 22%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Currency
translation adjustment</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">2</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(4)</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(1)</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(31)</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(34)</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">296</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 22%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
End of period / year</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
842</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
88</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
205</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
518</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
1,653</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
1,833</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 36px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 36px">
<font style="font-family: Times New Roman; font-size: 13px">(i)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Additions and
recoveries are included in "Other operating results,
net".</font></div>
</div>
</div>
<div style="margin-left: 36px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 36px">
<font style="font-family: Times New Roman; font-size: 13px">(ii)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">As of June 30, 2017
corresponds to the equity interest in New Lipstick with negative
equity.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">There
were no significant changes to the processes mentioned in Note 19
to the Consolidated Financial Statements as of June 30,
2017.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 36px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 60px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">19.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Taxes</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">The
details of the provision for the Group&#x2019;s income tax, is as
follows:</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: middle; width: 62%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
September 30, 2017</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
September 30,</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2016</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(recast)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 62%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Current
income tax</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(193)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(160)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 62%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Deferred
income tax</font></div>
</td>
<td style="vertical-align: middle; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(1,047)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(432)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 62%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Income tax from continuing operations</font></div>
</td>
<td style="vertical-align: middle; width: 17%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(1,240)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 19%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(592)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">Below
is a reconciliation between income tax recognized and that which
would result applying the prevailing tax rate on profit before
income tax for the three-month periods ended September 30, 2017 and
2016:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: middle; width: 62%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
September 30, 2017</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
September 30,</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2016</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(recast)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 62%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Loss from continuing operations at tax rate applicable in the
respective countries</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(593)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(676)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 62%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px">
Permanent differences:</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 62%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Share
of profit of associates and joint ventures</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">65</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">198</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 62%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Unrecognized
tax loss carryforwards (i)</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(800)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(131)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 62%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Change
of income tax rate</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">65</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 62%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Non-taxable
profit / (loss), non-deductible expenses and others</font></div>
</td>
<td style="vertical-align: middle; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">88</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(48)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 62%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Income tax from continuing operations</font></div>
</td>
<td style="vertical-align: middle; width: 17%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(1,240)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 19%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(592)</font></div>
</td>
</tr></table>
</div>
<div style="margin-left: 36px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px; font-family: Times New Roman">(i)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Corresponds
principally to holding companies in Israel.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Arial; font-size: 13px">28</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 16px">
IRSA Inversiones y Representaciones Sociedad
An&#xF3;nima</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%; border-bottom: solid 1px #000000">
<!--Rule Below Paragraph--></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: -11px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">The
gross movement in the deferred income tax account is as
follows:</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: middle; width: 62%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
September 30,</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2017</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
June 30,</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2017</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 62%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Beginning of period / year</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(22,739)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(19,099)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 62%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Incorporated
by business combination</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(6)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 62%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Reclassification
to liabilities held for sale</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(12)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 62%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Use
of tax loss carryforwards</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(184)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(171)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 62%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Change
of income tax rate</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">529</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 62%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Reclassification
previous periods</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">59</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 62%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Cumulative
translation adjustment</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">9</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(1,440)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 62%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Deferred
income tax expense</font></div>
</td>
<td style="vertical-align: middle; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(1,047)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(2,599)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 62%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
End of period / year</font></div>
</td>
<td style="vertical-align: middle; width: 19%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(23,961)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 17%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(22,739)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 36px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 60px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">20.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Revenues</font></div>
</div>
</div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: middle; width: 61%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
September 30,</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2017</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 18%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
September 30,</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2016</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(recast)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 61%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Revenue
from supermarkets</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">13,187</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 18%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">11,535</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 61%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Income
from communication services</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">3,224</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 18%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">2,942</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 61%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Rental
and services income</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">2,454</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 18%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1,946</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 61%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Sale
of communication equipment</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1,059</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 18%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">959</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 61%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Sale
of trading properties and development</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">64</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 18%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">221</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 61%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Revenue
from hotel operation and tourism services</font></div>
</td>
<td style="vertical-align: middle; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">225</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 18%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">184</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 61%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total Group&#x2019;s revenues</font></div>
</td>
<td style="vertical-align: middle; width: 19%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
20,213</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 18%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
17,787</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 36px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">21.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Expenses
by nature</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">The
Group disclosed expenses in the statements of income by function as
part of the line items &#x201C;Costs&#x201D;, &#x201C;General and
administrative expenses&#x201D; and &#x201C;Selling expenses&#x201D;.
The following table provides additional disclosure regarding
expenses by nature and their relationship to the function within
the Group.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: middle; width: 33%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-top: 1pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Costs</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-top: 1pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
General and administrative expenses</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-top: 1pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Selling expenses</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-top: 1pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total as of September 30, 2017</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-top: 1pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total as of September 30, 2016 (recast)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 33%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Cost
of sale of goods and services</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">9,950</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">9,950</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">9,156</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 33%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Salaries,
social security costs and other personnel expenses</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1,144</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">403</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1,319</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">2,866</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">2,389</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 33%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Depreciation
and amortization</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">571</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">136</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">530</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1,237</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1,113</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 33%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Fees
and payments for services</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">403</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">179</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">463</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1,045</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">958</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 33%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Maintenance,
security, cleaning, repairs and others</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">398</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">28</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">203</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">629</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">524</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 33%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Advertising
and other selling expenses</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">74</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">380</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">454</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">423</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 33%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Taxes,
rates and contributions</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">66</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">13</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">205</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">284</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">229</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 33%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Interconnection
and roaming expenses</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">457</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">457</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">422</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 33%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Fees
to other operators</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">518</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">518</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">362</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 33%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Director&#xB4;s
fees</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">53</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">53</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">38</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 33%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Leases
and service charges</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">10</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">2</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">32</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">44</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">11</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 33%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Allowance
for doubtful accounts, net</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">4</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">45</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">49</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">49</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 33%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Other
expenses</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">136</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">177</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">384</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">697</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">673</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 33%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total as of September 30, 2017</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
13,727</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
995</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
3,561</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
18,283</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 33%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total as of September 30, 2016 (recast)</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
12,326</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
852</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
3,169</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 4px double #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
16,347</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Arial; font-size: 13px">29</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 16px">
IRSA Inversiones y Representaciones Sociedad
An&#xF3;nima</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%; border-bottom: solid 1px #000000">
<!--Rule Below Paragraph--></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 36px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">22.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Other
operating results, net</font></div>
</div>
</div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: middle; width: 64%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
September 30, 2017</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 18%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
September 30,</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2016</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(recast)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 64%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Gain
from disposal of subsidiary</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">136</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 18%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 64%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Donations</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(17)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 18%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(11)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 64%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Lawsuits
and other contingencies (1)</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(5)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 18%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(4)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 64%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Others</font></div>
</td>
<td style="vertical-align: middle; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(90)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 18%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(54)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 64%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total other operating results, net</font></div>
</td>
<td style="vertical-align: middle; width: 17%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
24</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 18%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(69)</font></div>
</td>
</tr></table>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 84px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">(1)&#xA0;Includes
legal costs and expenses.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 36px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">23.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Financial
results, net</font></div>
</div>
</div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: middle; width: 61%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 18%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
September 30,</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2017</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
September 30,</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2016</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(recast)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 61%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Finance
income:</font></div>
</td>
<td style="vertical-align: middle; width: 18%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 61%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-
Interest income</font></div>
</td>
<td style="vertical-align: middle; width: 18%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">173</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">180</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 61%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-
Foreign exchange gain</font></div>
</td>
<td style="vertical-align: middle; width: 18%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">98</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">53</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 61%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-
Dividends income</font></div>
</td>
<td style="vertical-align: middle; width: 18%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">24</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">24</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 61%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-
Other finance income</font></div>
</td>
<td style="vertical-align: middle; width: 18%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">23</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 61%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total finance income</font></div>
</td>
<td style="vertical-align: middle; width: 18%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
295</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
280</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 61%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Finance
costs:</font></div>
</td>
<td style="vertical-align: middle; width: 18%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 61%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-
Interest expenses</font></div>
</td>
<td style="vertical-align: middle; width: 18%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(2,011)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(1,708)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 61%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-
Loss on debt swap (Note 17)</font></div>
</td>
<td style="vertical-align: middle; width: 18%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(2,228)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 61%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-
Foreign exchange loss</font></div>
</td>
<td style="vertical-align: middle; width: 18%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(629)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(202)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 61%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-
Other finance costs</font></div>
</td>
<td style="vertical-align: middle; width: 18%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(175)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(121)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 61%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total finance costs</font></div>
</td>
<td style="vertical-align: middle; width: 18%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(5,043)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(2,031)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 61%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Other
financial results:</font></div>
</td>
<td style="vertical-align: middle; width: 18%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 61%">
<div style="text-align: justify; margin-left: 60px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-
Fair value gain of financial assets and liabilities at fair value
through profit or loss, net</font></div>
</td>
<td style="vertical-align: middle; width: 18%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">300</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">232</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 61%">
<div style="text-align: justify; margin-left: 60px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-
(Loss) / Gain on derivative financial instruments, net</font></div>
</td>
<td style="vertical-align: middle; width: 18%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(7)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">30</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 61%">
<div style="text-align: justify; margin-left: 60px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total other financial results</font></div>
</td>
<td style="vertical-align: middle; width: 18%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
293</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
262</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 61%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total financial results, net</font></div>
</td>
<td style="vertical-align: middle; width: 18%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(4,455)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 19%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(1,489)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 36px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">24.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">CNV
General Resolution N&#xB0; 622</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">As
required by Section 1&#xB0;, Chapter III, Title IV of CNV General
Resolution N&#xB0; 622, below there is a detail of the notes to the
Unaudited Condensed Interim Consolidated Financial Statements that
disclose the information required by the Resolution in
Exhibits.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 45%">
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Exhibit
A - Property, plant and equipment</font></div>
</td>
<td style="vertical-align: bottom; width: 55%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Note 9
Investment properties and Note 10 Property, plant and
equipment</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 45%">
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Exhibit
B - Intangible assets</font></div>
</td>
<td style="vertical-align: bottom; width: 55%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Note 12
Intangible assets</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 45%">
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Exhibit
C - Equity investments</font></div>
</td>
<td style="vertical-align: bottom; width: 55%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Note 8
Equity interest in associates and joint ventures</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 45%">
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Exhibit
D - Other investments</font></div>
</td>
<td style="vertical-align: bottom; width: 55%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Note 13
Financial instruments by category</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 45%">
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Exhibit
E - Provisions</font></div>
</td>
<td style="vertical-align: bottom; width: 55%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Note 18
Provisions</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 45%">
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Exhibit
F - Cost of sales and services provided</font></div>
</td>
<td style="vertical-align: bottom; width: 55%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Note 11
Trading properties and Note 21 Expenses by nature</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 45%">
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Exhibit
G - Foreign currency assets and liabilities</font></div>
</td>
<td style="vertical-align: bottom; width: 55%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Note 26
Foreign currency assets and liabilities</font></div>
</td>
</tr></table>
</div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Arial; font-size: 13px">30</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 16px">
IRSA Inversiones y Representaciones Sociedad
An&#xF3;nima</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%; border-bottom: solid 1px #000000">
<!--Rule Below Paragraph--></div>
</div>
</div>
<div style="margin-left: 36px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">25.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Related
party transactions</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">The
following is a summary of the balances with related parties as of
September 30, 2017:</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Related party</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Description of transaction</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Non-current Investments in financial assets</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Current Investments in financial assets</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Non-current Trade and other receivables</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Current</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Trade and other receivables</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Non-current Trade and other payables</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Current</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Trade and other payables</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Non-current Borrowings</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Current Borrowings</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">BHSA</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Reimbursement
of expenses</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(1)</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Borrowings</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(1)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 13%; border-bottom: 2px dashed #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Leases
and/or rights of use</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 7%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">2</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 6%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 13%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Lipstick</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Reimbursement
of expenses</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 7%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">2</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 6%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 13%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Manibil
S.A.</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Contributions
in advance</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 7%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">43</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 6%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">New
Lipstick</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Reimbursement
of expenses</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">4</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 13%; border-bottom: 2px dashed #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Borrowings</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 7%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">174</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 6%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Condor</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Dividends
receivables</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">9</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 13%; border-bottom: 2px dashed #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Public
companies securities</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">110</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 7%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 6%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Tarshop</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Leases
and/or rights of use</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">4</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(1)</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total associates</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
110</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
43</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
195</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(2)</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(1)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 13%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Cyrsa</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Borrowings</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 7%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 6%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(5)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 13%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Baicom
Networks S.A.</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Distribution
pending</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 7%; border-bottom: 2px dashed #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">65</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 6%; border-bottom: 2px dashed #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 13%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Mehadrin</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Commissions</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 7%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(5)</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 6%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">LRSA</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Leases
and/or rights of use</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">27</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">16</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(1)</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 13%; border-bottom: 2px dashed #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Reimbursement
of expenses</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 7%; border-bottom: 2px dashed #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 6%; border-bottom: 2px dashed #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">NPSF</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Share-based
compensation plan</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Borrowings</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(4)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 13%; border-bottom: 2px dashed #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Advertising
spaces</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 7%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(1)</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 6%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Quality</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Management
fees</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">5</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total joint ventures</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
27</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
88</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(7)</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(9)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Cresud</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Reimbursement
of expenses</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(23)</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Corporate
services</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(30)</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">NCN</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">250</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Leases
and/or rights of use</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">4</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Long-term
incentive plan</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(2)</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total parent company</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
250</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
4</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(55)</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 13%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Carnes
Pampeanas</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Other
Liabilities</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 7%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 6%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 13%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Consultores
Asset Management</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Reimbursement
of expenses</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 7%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">4</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 6%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 13%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Estudio
Zang, Bergel y Vi&#xF1;es</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Legal
services</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 7%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(1)</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 6%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 13%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Export.
Agroindustriales Arg.</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Other
liabilities</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 7%; border-bottom: 2px dashed #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(4)</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 6%; border-bottom: 2px dashed #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 13%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">IFISA</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Borrowings</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 7%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1,366</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 6%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 13%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Taaman</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Leases
and/or rights of use</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 7%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(24)</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 6%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 13%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Willifood</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">NCN</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 7%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(33)</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 6%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 13%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Museo
de los Ni&#xF1;os</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Leases
and/or rights of use</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 7%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 6%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Directors</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Fees</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(8)</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(71)</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total others</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
1,371</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(8)</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(133)</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total as of 09.30.17</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 4px double #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
110</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 7%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
250</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
70</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
1,658</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(8)</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(197)</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 6%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(10)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Arial; font-size: 13px">31</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 16px">
IRSA Inversiones y Representaciones Sociedad
An&#xF3;nima</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%; border-bottom: solid 1px #000000">
<!--Rule Below Paragraph--></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 2px; text-indent: 48px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">The
following is a summary of the balances with related parties as of
June 30, 2017:</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Related party</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Description of transaction</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Non-current Investments in financial assets</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Current Investments in financial assets</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Non-current Trade and other receivables</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Current</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Trade and other receivables</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Non-current Trade and other payables</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Current</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Trade and other payables</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Non-current Borrowings</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Current Borrowings</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">BHSA</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Reimbursement
of expenses</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(1)</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Borrowings</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(2)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 13%; border-bottom: 2px dashed #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Leases
and/or rights of use</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 7%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">2</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 6%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 13%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Lipstick</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Reimbursement
of expenses</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 7%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">2</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 6%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 13%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Manibil
S.A.</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Contributions
in advance</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 7%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">83</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 6%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 13%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">New
Lipstick</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Reimbursement
of expenses</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 7%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">5</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 6%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Condor</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Dividends
receivables</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">8</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 13%; border-bottom: 2px dashed #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Public
companies securities</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">82</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 7%; border-bottom: 2px dashed #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 6%; border-bottom: 2px dashed #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Tarshop</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Leases
and/or rights of use</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">2</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(1)</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total associates</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
82</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
83</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
20</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(2)</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(2)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 13%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Cyrsa</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Borrowings</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 7%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 6%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(5)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 13%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Mehadrin</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Commissions</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 7%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(5)</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 6%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 13%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">LRSA</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Leases
and/or rights of use</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 7%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">28</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 6%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">NPSF</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Share-based
compensation plan</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Borrowings</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(4)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Advertising
spaces</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(1)</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Reimbursement
of expenses</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 13%; border-bottom: 2px dashed #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Management
fees</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 7%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 6%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Quality</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Management
fees</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">5</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total joint ventures</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
1</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
36</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(6)</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(9)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Cresud</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Reimbursement
of expenses</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(36)</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Corporate
services</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(23)</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">NCN</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">242</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Leases
and/or rights of use</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">4</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Long-term
incentive plan</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(1)</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total parent company</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
242</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
4</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(60)</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 13%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Carnes
Pampeanas</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Other
liabilities</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 7%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 6%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 13%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Consultores
Asset Management</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Reimbursement
of expenses</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 7%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">5</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(3)</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 6%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 13%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Estudio
Zang, Bergel y Vi&#xF1;es</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Legal
services</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 7%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(4)</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 6%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 13%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">IFISA</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Borrowings</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 7%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1,283</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 6%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 13%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Taaman</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Leases
and/or rights of use</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 7%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(24)</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 6%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 13%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Willifood</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">NCN</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 7%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(29)</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 6%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 13%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Museo
de los Ni&#xF1;os</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Leases
and/or rights of use</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 7%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">2</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 6%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Directors</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Fees</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(44)</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total others</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
1,290</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(104)</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total as of 06.30.17</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 4px double #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
82</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 7%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
242</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
84</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
1,350</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(172)</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 6%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(11)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Arial; font-size: 13px">32</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 16px">
IRSA Inversiones y Representaciones Sociedad
An&#xF3;nima</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%; border-bottom: solid 1px #000000">
<!--Rule Below Paragraph--></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 2px; text-indent: 48px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">The
following is a summary of the transactions with related parties for
the three-month period ended September 30, 2017:</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: bottom; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Related party</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Leases and/or</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
rights of use</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Management fees</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Sale of goods</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Corporate services</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Legal services</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Financial operations</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Donations</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Fees and salaries</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">BACS</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">3</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Condor</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">6</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Tarshop</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">5</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total associates</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
8</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
6</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">NPSF</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total joint ventures</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
1</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Cresud</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(52)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">4</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total parent company</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
1</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(52)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
4</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Estudio
Zang, Bergel &amp; Vi&#xF1;es</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(3)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Fundaci&#xF3;n
IRSA</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(4)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">BHN
Vida S.A.</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Ramat
Hanassi</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">4</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">4</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Ispro
- Mehadr&#xED;n</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">31</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Taaman</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">35</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Willifood</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">70</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">IFISA</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">47</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Directors</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(2)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Senior
Management</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(3)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total others</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
1</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
4</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
136</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(3)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
51</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(4)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(5)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 19%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total as of 09.30.17</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
10</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
5</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
84</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(3)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
61</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(4)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(5)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">The
following is a summary of the transactions with related parties for
the three-month period ended September 30, 2016:</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: bottom; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Related party</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Leases and/or</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
rights of use</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Management fees</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Sale of goods</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Corporate services</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Legal services</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Financial operations</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Donations</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Fees and salaries</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">BHSA</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(1)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">BACS</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">2</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">8</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Adama</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">34</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Condor</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">115</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Tarshop</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">4</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total associates</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
7</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
34</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
122</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Cyrsa
S.A.</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(1)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">NPSF</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(1)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total joint ventures</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(1)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
1</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(1)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Cresud</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(44)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">11</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total parent company</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(44)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
11</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Estudio
Zang, Bergel &amp; Vi&#xF1;es</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(2)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">LRSA</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">5</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Fundaci&#xF3;n
IRSA</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(2)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">IFISA</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">26</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Directors</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(45)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Senior
Management</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(3)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total others</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
5</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(2)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
26</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(2)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(48)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 19%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total as of 09.30.16</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
11</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
1</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(10)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(2)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
158</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(2)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(48)</font></div>
</td>
</tr></table>
</div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Arial; font-size: 13px">33</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: center; margin-left: 0px; margin-right: 11px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 16px">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%; border-bottom: solid 1px #000000">
<!--Rule Below Paragraph--></div>
</div>
</div>
<div style="margin-left: 36px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">26.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Foreign
currency assets and liabilities</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: -1px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">Book
amounts of foreign currency assets and liabilities are as
follows:</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: middle; width: 32%; border-left: 2.25pt double #000000; border-top: 2.25pt double #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Item / Currency (1)</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-color: rgb(0, 0, 0); border-style: double solid solid; border-width: 2.25pt 2px 2px;">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Amount (2)</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-top: 2.25pt double rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Exchange rate (3)</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-top: 2.25pt double rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total as of 09.30.17</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-top: 2.25pt double rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Amount (2)</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-top: 2.25pt double rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Exchange rate (3)</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2.25pt double #000000; border-top: 2.25pt double #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total as of 06.30.17</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 32%; border-left: 2.25pt double #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Assets</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2.25pt double #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 32%; border-left: 2.25pt double #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Trade and other receivables</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2.25pt double #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 32%; border-left: 2.25pt double #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">US
Dollar</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">74</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">17.210</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1,279</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">35</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">16.530</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2.25pt double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">572</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 32%; border-left: 2.25pt double #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Euros</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">8</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">20.294</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">160</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">9</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">18.848</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2.25pt double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">172</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 32%; border-left: 2.25pt double #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Receivables with related parties:</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2.25pt double #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 32%; border-left: 2.25pt double #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">US
Dollar</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">48</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">17.310</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">837</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">52</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">16.630</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2.25pt double #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">855</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 32%; border-left: 2.25pt double #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total trade and other receivables</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2,276</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2.25pt double #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
1,599</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 32%; border-left: 2.25pt double #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Restricted assets</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2.25pt double #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 32%; border-left: 2.25pt double #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">US
Dollar</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">17.210</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">&#xA0;</font><font style="font-weight: bold; color: #000000">-</font><font style="color: #000000">&#xA0;</font></font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">2</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">16.530</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2.25pt double #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">41</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 32%; border-left: 2.25pt double #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total Restricted assets</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2.25pt double #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
41</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 32%; border-left: 2.25pt double #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Investments in financial assets</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2.25pt double #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 32%; border-left: 2.25pt double #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">US
Dollar</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">146</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">17.210</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">2,508</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">61</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">16.530</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2.25pt double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1,014</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 32%; border-left: 2.25pt double #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Pounds</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">23.036</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">19</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">21.486</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2.25pt double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">18</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 32%; border-left: 2.25pt double #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Investments with related parties:</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2.25pt double #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 32%; border-left: 2.25pt double #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">US
Dollar</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">6</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">17.310</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">110</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">20</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">16.630</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2.25pt double #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">324</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 32%; border-left: 2.25pt double #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total investments in financial assets</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2,637</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2.25pt double #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
1,356</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 32%; border-left: 2.25pt double #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Derivative financial instruments</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2.25pt double #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 32%; border-left: 2.25pt double #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">US
Dollar</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">17.210</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">14</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">16.530</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2.25pt double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">10</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 32%; border-left: 2.25pt double #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Derivative financial instruments with related parties:</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2.25pt double #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 32%; border-left: 2.25pt double #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">US
Dollar</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">&#xA0;</font><font style="font-weight: bold; color: #000000">-</font><font style="color: #000000">&#xA0;</font></font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">17.310</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">&#xA0;</font><font style="font-weight: bold; color: #000000">-</font><font style="color: #000000">&#xA0;</font></font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">2</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">16.630</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2.25pt double #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">26</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 32%; border-left: 2.25pt double #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total Derivative financial instruments</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
14</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2.25pt double #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
36</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 32%; border-left: 2.25pt double #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Cash and cash equivalents</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2.25pt double #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 32%; border-left: 2.25pt double #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">US
Dollar</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">265</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">17.210</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">4,555</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">318</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">16.530</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2.25pt double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">5,250</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 32%; border-left: 2.25pt double #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Euros</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">2</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">20.294</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">41</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">3</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">18.848</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2.25pt double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">49</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 32%; border-left: 2.25pt double #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">New
Israel Shekel</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">4.770</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">4.770</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2.25pt double #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 32%; border-left: 2.25pt double #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total Cash and cash equivalents</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
4,596</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2.25pt double #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
5,300</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 32%; border-left: 2.25pt double #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total Assets</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
9,523</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2.25pt double #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
8,332</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 32%; border-left: 2.25pt double #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2.25pt double #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 32%; border-left: 2.25pt double #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Liabilities</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2.25pt double #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 32%; border-left: 2.25pt double #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Trade and other payables</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2.25pt double #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 32%; border-left: 2.25pt double #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">US
Dollar</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">109</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">17.310</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1,894</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">57</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">16.630</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2.25pt double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">955</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 32%; border-left: 2.25pt double #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Euros</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">18</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">20.455</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">363</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">19.003</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2.25pt double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">19</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 32%; border-left: 2.25pt double #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Payables to related parties:</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2.25pt double #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 32%; border-left: 2.25pt double #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">US
Dollar</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">17.310</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">23</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">16.630</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2.25pt double #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">21</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 32%; border-left: 2.25pt double #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total Trade and other payables</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2,280</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2.25pt double #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
995</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 32%; border-left: 2.25pt double #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Borrowings</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2.25pt double #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 32%; border-left: 2.25pt double #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">US
Dollar</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1,197</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">17.310</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">20,726</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1,123</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">16.630</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2.25pt double #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">18,683</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 32%; border-left: 2.25pt double #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total Borrowings</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
20,726</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2.25pt double #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
18,683</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 32%; border-left: 2.25pt double #000000; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total Liabilities</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 4px double rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 4px double rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 4px double rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
23,006</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 4px double rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 4px double rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-right: 2.25pt double #000000; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
19,678</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 36px; text-indent: 0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">(1)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Considering
foreign currencies those that differ from each Group&#x2019;s
subsidiaries functional currency at each
period/year-end.</font></div>
<div style="margin-left: 36px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px">(2)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">Stated in millions
of the corresponding in foreign currency.</font></div>
<div style="margin-left: 36px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px">(3)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">Exchange rates as
of September 30, 2017 and June 30, 2017, respectively according to
Banco Naci&#xF3;n Argentina.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Arial; font-size: 13px">34</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: center; margin-left: 0px; margin-right: 11px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 16px">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%; border-bottom: solid 1px #000000">
<!--Rule Below Paragraph--></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 36px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">27.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Groups
of assets and liabilities held for sale</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">As
mentioned in Note 4.F to the Consolidated Financial Statements as
of June 30, 2017, the Group has certain assets and liabilities
classified as held for sale. The following table shows the main
ones:</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: bottom; width: 64%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 18%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
September 30, 2017</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
June 30,</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2017</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 64%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Property,
plant and equipment</font></div>
</td>
<td style="vertical-align: middle; width: 18%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1,646</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1,712</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 64%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Intangible
assets</font></div>
</td>
<td style="vertical-align: middle; width: 18%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">19</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">19</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 64%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Investments
in associates</font></div>
</td>
<td style="vertical-align: middle; width: 18%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">77</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">33</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 64%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Deferred
income tax assets</font></div>
</td>
<td style="vertical-align: middle; width: 18%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">57</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">57</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 64%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Employee
benefits</font></div>
</td>
<td style="vertical-align: middle; width: 18%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">5</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 64%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Income
tax credits</font></div>
</td>
<td style="vertical-align: middle; width: 18%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">10</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 64%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Trade
and other receivables</font></div>
</td>
<td style="vertical-align: middle; width: 18%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">867</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">688</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 64%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Cash
and cash equivalents</font></div>
</td>
<td style="vertical-align: middle; width: 18%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">153</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">157</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 64%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total group of assets held for sale</font></div>
</td>
<td style="vertical-align: middle; width: 18%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2,819</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2,681</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 64%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Trade
and other payables</font></div>
</td>
<td style="vertical-align: middle; width: 18%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1,120</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">930</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 64%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Salaries
and social security liabilities</font></div>
</td>
<td style="vertical-align: middle; width: 18%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">124</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">148</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 64%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Employee
benefits</font></div>
</td>
<td style="vertical-align: middle; width: 18%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">110</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">52</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 64%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Deferred
income tax liability</font></div>
</td>
<td style="vertical-align: middle; width: 18%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">24</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">10</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 64%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Borrowings</font></div>
</td>
<td style="vertical-align: middle; width: 18%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">644</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">715</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 64%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total group of liabilities held for sale</font></div>
</td>
<td style="vertical-align: middle; width: 18%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2,022</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
1,855</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 64%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total net assets held for sale</font></div>
</td>
<td style="vertical-align: middle; width: 18%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
797</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
826</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 36px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">28.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Results
from discontinued operations</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">The
results from operations of Israir, Open Sky and IDB Tourism, and
the share of profit of Adama and the finance costs associated to
the non-recourse loan, until its sale in November 2016; have been
reclassified in the Statements of Income under discontinued
operations.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: middle; width: 65%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 18%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
September 30, 2017</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
September 30, 2016</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(recast)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 65%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Revenues</font></div>
</td>
<td style="vertical-align: bottom; width: 18%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1,362</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">900</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 65%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Costs</font></div>
</td>
<td style="vertical-align: bottom; width: 18%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(1,204)</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(784)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 65%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Gross profit</font></div>
</td>
<td style="vertical-align: bottom; width: 18%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
158</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
116</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 65%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">General
and administrative expenses</font></div>
</td>
<td style="vertical-align: bottom; width: 18%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(57)</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(52)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 65%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Selling
expenses</font></div>
</td>
<td style="vertical-align: bottom; width: 18%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(66)</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(56)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 65%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Other
operating results, net</font></div>
</td>
<td style="vertical-align: bottom; width: 18%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(9)</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">7</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 65%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Profit from operations</font></div>
</td>
<td style="vertical-align: bottom; width: 18%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
26</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
15</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 65%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Share
of profit of joint ventures and associates</font></div>
</td>
<td style="vertical-align: bottom; width: 18%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">9</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">164</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 65%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Profit before financial results and income tax</font></div>
</td>
<td style="vertical-align: bottom; width: 18%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
35</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
179</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 65%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Finance
cost</font></div>
</td>
<td style="vertical-align: bottom; width: 18%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(22)</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(530)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 65%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Financial results, net</font></div>
</td>
<td style="vertical-align: bottom; width: 18%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(22)</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold; color: #000000">(530</font><font style="color: #000000">)</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 65%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Profit / (Loss) before income tax</font></div>
</td>
<td style="vertical-align: bottom; width: 18%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
13</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(351)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 65%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Income
tax</font></div>
</td>
<td style="vertical-align: bottom; width: 18%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 65%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Profit / (Loss) from discontinued operations</font></div>
</td>
<td style="vertical-align: bottom; width: 18%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
13</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(351)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 36px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">29.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Subsequent
events</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="text-decoration: underline; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Sale of ADS issued by IRSA CP</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">During
October 2017, IRSA completed the sale in the secondary market of
10,240,000 ordinary shares of IRSA CP, N.V. Ps. 1 per share,
represented by American Depositary Shares (&#x201C;ADSs&#x201D;),
representing four ordinary shares each (nearly 8.1% of IRSA CP
capital). After the transaction, IRSA&#x2019;s direct and indirect
interest in IRSA CP amounts to approximately 86.5%.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Arial; font-size: 13px">35</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: center; margin-left: 0px; margin-right: 11px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 16px">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%; border-bottom: solid 1px #000000">
<!--Rule Below Paragraph--></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="text-decoration: underline; font-weight: bold; font-family: Times New Roman; font-size: 13px">
IRSA CP Dividend</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">IRSA CP
Shareholders&#x2019; Meeting, held on October 31, 2017, approved
among others, the distribution of a cash dividend in the amount of
Ps. 680, in addition to the Ps. 310 of advanced dividends approved
by the Shareholders&#x2019; Meeting held April 5, 2017. The
authority to effect payment was delegated to the Board of
Directors, which on November 1, 2017 resolved to made it available
to shareholders on November 14, 2017.<br></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">Furthermore, the
Shareholders&#x2019; Meeting decided to appropriate the remaining
undistributed earnings in the amount of Ps. 2,270 to a special
reserve, since the statutory reserve is fully funded as provided by
section 70 of Act 19,550, and section 5, chapter III, Title IV of
the Argentine Securities and Exchange Commission Rules. The special
reserve will be used for future dividends, new projects or pipeline
projects or for any other purpose that the Company may consider in
the future fiscal years, as part of a prudent and reasonable
administration of the Company.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">In
addition, it decided to renew the empowerment onto the Board of
Directors to expand the current US$ 500 (five hundred million US
Dollars) program by an additional amount of US$ 100 (one hundred
million US Dollars), in accordance with the resolutions adopted by
the priors Shareholders&#x2019; Meetings on October 30, 2015 and
October 31, 2016.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="text-decoration: underline; font-weight: bold; font-family: Times New Roman; font-size: 13px">
IRSA Dividend</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">IRSA
Shareholders&#x2019; Meeting, held on October 31, 2017, approved
among others, the distribution of a cash dividend in the amount of
Ps. 1,400. The authority to effect payment was delegated to the
Board of Directors, which on November 1, 2017 resolved to made it
available to shareholders on November 14, 2017.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">Furthermore, the
Shareholders&#x2019; Meeting decided to appropriate the remaining
undistributed earnings in the amount of Ps. 2,081 to a special
reserve, since the statutory reserve is fully funded as provided by
section 70 of Act 19,550, and section 5, chapter III, Title IV of
the Argentine Securities and Exchange Commission Rules. The special
reserve will be used for future dividends, new projects or pipeline
projects or for any other purpose that the Company may consider in
the future fiscal years, as part of a prudent and reasonable
administration of the Company.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">On the
other hand, it resolved to empower the Board of Directors for the
creation of a new global program for the issuance of simple NCN,
either secured or unsecured or guaranteed by third parties, for a
total amount of up to US$ 350 (three hundred and fifty million US
Dollars) (or an equivalent amount in other currencies) given the
expiration of the current program.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="text-decoration: underline; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Early repayment of debt</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">On
November 1, 2017, IDBD communicated its intention to repay all
Series L debentures on November 28, 2017 before maturity by an
amount of NIS 424 (or Ps. 2,022 as of the closing date of these
Financial Statements).</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Arial; font-size: 13px">36</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
REVIEW REPORT ON THE UNAUDITED CONDENSED INTERIM CONSOLIDATED
FINANCIAL STATEMENTS</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">To the
Shareholders, President and Directors of</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
IRSA Inversiones y Representaciones Sociedad
An&#xF3;nima</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Legal
address: Bolivar 108 &#x2013; 1&#xB0; floor</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Autonomous
City Buenos Aires</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Tax
Code No. 30-52532274-9</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Introduction</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">We have
reviewed the unaudited condensed interim consolidated financial
statements of IRSA Inversiones y Representaciones Sociedad
An&#xF3;nima and its subsidiaries (hereinafter &#x201C;the
Company&#x201D;) which included the unaudited condensed interim
consolidated statement of financial position as of September
30,&#xA0;2017 and the unaudited condensed interim consolidated
statements of income and comprehensive income for the three-month
period ended September 30, 2017, the unaudited condensed interim
consolidated statements of changes in shareholders&#x2019; equity
and the unaudited condensed interim consolidated statements of cash
flows for the three-month period then ended and selected
explanatory notes.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
balances and other information corresponding to the fiscal year
ended June 30, 2017 and the interim periods within that fiscal year
are an integral part of these financial statements and, therefore,
they should be considered in relation to those financial
statements.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Management responsibility</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
Board of Directors of the Company is responsible for the
preparation and presentation of these unaudited condensed interim
consolidated financial statements in accordance with the
International Financial Reporting Standards (IFRS), adopted by the
Argentine Federation of Professional Councils in Economic Sciences
(FACPCE) as professional accounting standards and added by the
National Securities Commission (CNV) to its regulations, as
approved by the International Accounting Standard Board (IASB) and
, for this reason, is responsible for the preparation and
presentation of the unaudited condensed interim consolidated
financial statements above mentioned in the first paragraph
according to the International Accounting Standard No 34 "Interim
Financial Reporting" (IAS 34).</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Scope of our review</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">
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> unaudited
condensed interim consolidated financial statements<font style="color: #000000">, 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 style="color: #000000">the consolidated statement of</font> comprehensive
income <font style="color: #000000">and consolidated statement of
cash flows of the Company.</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Conclusion</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">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 first paragraph of this
report have not been prepared in all material respects in
accordance with International Accounting Standard 34.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Report on compliance with current regulations</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">In
accordance with current regulations, we report about IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima
that:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 36px">
<font style="font-family: Times New Roman; font-size: 13px">a)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">the unaudited
condensed interim consolidated financial statements of IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima are being
processed for recording in the "Inventory and Balance Sheet Book",
and comply, as regards 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></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 36px">
<font style="font-family: Times New Roman; font-size: 13px">b)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">the unaudited
condensed interim separate financial statements of IRSA Inversiones
y Representaciones Sociedad An&#xF3;nima arise from accounting
records carried in all formal respects in accordance with
applicable legal provisions;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 36px">
<font style="font-family: Times New Roman; font-size: 13px">c)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">we have read the
Business Summary (&#x201C;Rese&#xF1;a Informativa&#x201D;) on which,
as regards those matters that are within our competence, we have no
observations to make;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 36px">
<font style="font-family: Times New Roman; font-size: 13px">d)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">at September 30,
2017, the debt of IRSA Inversiones y Representaciones Sociedad
An&#xF3;nima owed in favor of the Argentina Integrated Pension
System which arises from accounting records amounted to
Ps.&#xA0;69,706, which was not claimable at that date.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Autonomous
City of Buenos Aires, November 8, 2017.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 47%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 16px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">PRICE
WATERHOUSE &amp; CO. S.R.L.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;(Partner)</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">C.P.C.E.C.A.B.A.
T&#xBA; 1 F&#xBA; 17</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Dr.
Mariano C. Tomatis</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Public
Accountant (UBA)</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">C.P.C.E.C.A.B.A.
T&#xB0; 241 F&#xB0; 118</font></div>
</td>
<td style="vertical-align: top; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 48%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
ABELOVICH, POLANO &amp; ASOCIADOS S.R.L.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;(Partner)</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">C.P.C.E.
C.A.B.A. T&#xB0; 1 F&#xB0; 30</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Marcelo
H&#xE9;ctor Fuxman</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Public
Accountant (UBA)</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">C.P.C.E.C.A.B.A.
T&#xB0; 134 F&#xB0; 85</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 36px; margin-right: -8px; text-indent: 0px;">
<font style="font-weight: bold; color: #808080; font-family: Times New Roman; font-size: 24px">
IRSA Inversiones y Representaciones Sociedad
An&#xF3;nima</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #808080; font-family: Times New Roman; font-size: 16px">
Unaudited Condensed Interim Separate Financial Statements as of
September 30, 2017, and for the three-months periods ended as of
that date, presented comparatively</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="hdr">
<div style="text-align: center"><font style="font-weight: bold; font-family: Times New Roman; font-size: 16px">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%; border-bottom: solid 1px #000000">
<!--Rule Below Paragraph--></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 11px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Unaudited
Condensed Interim Separate Statements of Financial
Position</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 11px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">as
of September 30, 2017, and June 30, 2017</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 11px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">(All
amounts in millions of Argentine pesos, except shares and per share
data and as otherwise indicated)</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 11px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Free
translation from the original prepared in Spanish for publication
in Argentina</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: bottom; width: 60%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Note</font></div>
</td>
<td style="vertical-align: bottom; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">09.30.17</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">06.30.17</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">ASSETS</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Non-Current
Assets</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: justify; margin-left: 36px; margin-right: 17px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Investment
properties</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">7</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">4,613</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">4,457</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: justify; margin-left: 36px; margin-right: 17px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Property, plant and
equipment</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">8</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">8</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">6</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: justify; margin-left: 36px; margin-right: 17px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Trading
properties</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">9</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">349</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">319</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: justify; margin-left: 36px; margin-right: 17px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Intangible
assets</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">10</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">21</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">21</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: justify; margin-left: 36px; margin-right: 17px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Investments in
subsidiaries, associates and joint ventures</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">6</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">30,159</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">29,450</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: justify; margin-left: 36px; margin-right: 3px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Income
tax and MPIT credit</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">133</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">133</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: justify; margin-left: 36px; margin-right: 17px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Trade
and other receivables</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">12</font></div>
</td>
<td style="vertical-align: bottom; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">193</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">211</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: justify; margin-left: 36px; margin-right: 17px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Total
Non-Current Assets</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">35,476</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">34,597</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: justify; margin-left: 36px; margin-right: 17px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Current
Assets</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: justify; margin-left: 36px; margin-right: 17px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Inventories</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: justify; margin-left: 36px; margin-right: 17px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Trading
properties</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">9</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">4</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">8</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: justify; margin-left: 36px; margin-right: 17px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Trade
and other receivables</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">12</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">651</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">568</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Income
tax and MPIT credit</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: justify; margin-left: 36px; margin-right: 17px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Investments in
financial assets</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">11</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">2</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">38</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: justify; margin-left: 36px; margin-right: 17px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Derivative
financial instruments</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">11</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">12</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">8</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: justify; margin-left: 36px; margin-right: 17px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Restricted
assets</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">11</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">4</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">4</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: justify; margin-left: 36px; margin-right: 17px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Cash
and cash equivalents</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">11</font></div>
</td>
<td style="vertical-align: bottom; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">73</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">148</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: justify; margin-left: 36px; margin-right: 17px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Total
Current Assets</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">748</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">776</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: justify; margin-left: 36px; margin-right: 17px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">TOTAL
ASSETS</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">36,224</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">35,373</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: justify; margin-left: 36px; margin-right: 17px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">SHAREHOLDERS&#x2019;
EQUITY</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: justify; margin-left: 36px; margin-right: 17px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Share
capital</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">575</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">575</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: justify; margin-left: 36px; margin-right: 17px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Treasury
shares</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">3</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">3</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Inflation
adjustment of share capital and treasury shares</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">123</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">123</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Share
premium</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">793</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">793</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Additional paid-in
capital from treasury shares</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">17</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">17</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Legal
reserve</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">143</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">143</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Special
reserve</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">2,756</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">2,756</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Other
reserves</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">1,832</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">2,143</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Retained
earnings</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">20,555</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">19,930</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: justify; margin-left: 36px; margin-right: 17px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">TOTAL
SHAREHOLDERS&#x2019; EQUITY</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">26,797</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">26,483</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: justify; margin-left: 36px; margin-right: 17px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">LIABILITIES</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: justify; margin-left: 36px; margin-right: 17px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Non-Current
Liabilities</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: justify; margin-left: 36px; margin-right: 17px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Trade
and other payables</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">14</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">846</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">784</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: justify; margin-left: 36px; margin-right: 17px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Borrowings</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">15</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">5,494</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">5,340</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: justify; margin-left: 36px; margin-right: 17px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Deferred income tax
liabilities</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">16</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">2,164</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">2,247</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: justify; margin-left: 36px; margin-right: 17px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Provisions</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">17</font></div>
</td>
<td style="vertical-align: bottom; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">35</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">32</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: justify; margin-left: 36px; margin-right: 17px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Total
Non-Current Liabilities</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">8,539</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">8,403</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: justify; margin-left: 36px; margin-right: 17px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Current
Liabilities</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: justify; margin-left: 36px; margin-right: 17px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Trade
and other payables</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">14</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">124</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">123</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: justify; margin-left: 36px; margin-right: 17px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Salaries and social
security liabilities</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">2</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: justify; margin-left: 36px; margin-right: 17px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Borrowings</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">15</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">759</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">358</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: justify; margin-left: 36px; margin-right: 17px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Provisions</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">17</font></div>
</td>
<td style="vertical-align: bottom; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">4</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">4</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: justify; margin-left: 36px; margin-right: 17px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Total
Current Liabilities</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">888</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">487</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: justify; margin-left: 36px; margin-right: 17px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">TOTAL
LIABILITIES</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">9,427</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">8,890</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: justify; margin-left: 36px; margin-right: 17px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">TOTAL
SHAREHOLDERS&#x2019; EQUITY AND LIABILITIES</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">36,224</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">35,373</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;The
accompanying notes are an integral part of these Unaudited
Condensed Interim Separate Financial Statements.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 0%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 100%;">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;.</font></div>
<div style="text-align: center; margin-left: 480px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Fernando
A. Elsztain</font></div>
<div style="text-align: center; margin-left: 480px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Director
acting as</font></div>
<div style="text-align: center; margin-left: 480px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">President</font></div>
</td>
</tr></table>
</div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><br></font></div>
<div id="pn" style="text-align: center"><font style="font-family: Arial; font-size: 13px">1</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: center; margin-left: 0px; margin-right: 11px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 16px">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%; border-bottom: solid 1px #000000">
<!--Rule Below Paragraph--></div>
</div>
</div>
<div style="text-align: center; margin-left: 36px; margin-right: 11px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Unaudited
Condensed Interim Separate Statements of Income</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 11px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">for
the three-month periods beginning on July 1, 2017 and
2016</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 11px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">and
ended September 30, 2017 and 2016</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 11px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">(All
amounts in millions of Argentine pesos, except shares and per share
data and as otherwise indicated)</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 11px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Free
translation from the original prepared in Spanish for publication
in Argentina</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: bottom; width: 60%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Note</font></div>
</td>
<td style="vertical-align: bottom; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">09.30.17</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">09.30.16</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(recast)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: left; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Revenues</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div style="text-align: center; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">18</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">11</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">8</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: left; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Costs</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div style="text-align: center; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">19</font></div>
</td>
<td style="vertical-align: bottom; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">(7)</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">(6)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: left; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Gross
Profit</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">4</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">2</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Net
gain from fair value adjustments of investment
properties</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div style="text-align: center; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">7</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">163</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">57</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">General
and administrative expenses</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div style="text-align: center; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">19</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">(42)</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">(35)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Selling
expenses</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div style="text-align: center; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">19</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">(5)</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">(5)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Other
operating results, net</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div style="text-align: center; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">20</font></div>
</td>
<td style="vertical-align: bottom; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">(5)</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">(4)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Profit
from operations</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">115</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">15</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Share
of profit of subsidiaries, associates and joint
ventures</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div style="text-align: center; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">6</font></div>
</td>
<td style="vertical-align: bottom; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">776</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">326</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Profit
before financial results and income tax</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">891</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">341</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: left; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Finance
income</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div style="text-align: center; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">21</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">14</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">33</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: left; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Finance
cost</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div style="text-align: center; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">21</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">(368)</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">(254)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: left; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Other
financial results</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div style="text-align: center; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">21</font></div>
</td>
<td style="vertical-align: bottom; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">5</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Financial
results, net</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(349)</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(221)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Profit
before income tax</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">542</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">120</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Income
tax</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div style="text-align: center; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">16</font></div>
</td>
<td style="vertical-align: bottom; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">83</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">66</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Profit
for the period</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">625</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">186</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 60%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 60%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Profit
per share for the period:</font></div>
</td>
<td style="vertical-align: top; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Basic</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">1.081</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">0.323</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Diluted</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">1.075</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">0.321</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;The
accompanying notes are an integral part of these Unaudited
Condensed Interim Separate Financial Statements.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 0%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 100%;">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;.</font></div>
<div style="text-align: center; margin-left: 480px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Fernando
A. Elsztain</font></div>
<div style="text-align: center; margin-left: 480px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Director
acting as</font></div>
<div style="text-align: center; margin-left: 480px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">President</font></div>
</td>
</tr></table>
</div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
<br></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Arial; font-size: 13px">2</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: center; margin-left: 0px; margin-right: 11px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 16px">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%; border-bottom: solid 1px #000000">
<!--Rule Below Paragraph--></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 11px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Unaudited
Condensed Interim Separate Statements of Comprehensive
Income</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 11px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">for
the three-month periods beginning on July 1, 2017 and
2016</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 11px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">and
ended September 30, 2017 and 2016</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 11px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">(All
amounts in millions of Argentine pesos, except shares and per share
data and as otherwise indicated)</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 11px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Free
translation from the original prepared in Spanish for publication
in Argentina</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 65%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">09.30.17</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">09.30.16</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(recast)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 65%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 65%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Profit
for the period</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">625</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">186</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 65%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Other
comprehensive income:</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 65%">
<div style="text-align: left; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Items
that may be reclassified subsequently to profit or
loss:</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 65%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Share
of other comprehensive (loss) / income of subsidiaries</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">(42)</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">17</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 65%">
<div style="text-align: justify; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Currency
translation adjustment of subsidiaries, associates, and joint
ventures</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">(270)</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">211</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 65%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Other
comprehensive (loss) / income for the period (i)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(312)</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">228</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 65%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Total
comprehensive income for the period</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">313</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">414</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 2px; text-indent: -12px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;(i)
Components of other comprehensive (loss) / income have no impact on
income tax.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 84px; margin-right: 2px; text-indent: -48px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;The
accompanying notes are an integral part of these Unaudited
Condensed Interim Separate Financial Statements<font style="color: #000000">.</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 0%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 100%;">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 480px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;.</font></div>
<div style="text-align: center; margin-left: 480px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Fernando
A. Elsztain</font></div>
<div style="text-align: center; margin-left: 480px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Director
acting as</font></div>
<div style="text-align: center; margin-left: 480px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">President</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Arial; font-size: 13px">3</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: center; margin-left: 0px; margin-right: 11px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 16px">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%; border-bottom: solid 1px #000000">
<!--Rule Below Paragraph--></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 11px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Unaudited
Condensed Interim Separate Statements of Changes in
Shareholders&#x2019; Equity</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">for
the three-month periods ended September 30, 2017 and
2016</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;(All amounts
in millions of Argentine pesos, except shares and per share data
and as otherwise indicated)</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 11px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Free
translation from the original prepared in Spanish for publication
in Argentina</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 18%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Share</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">capital</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Treasury</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">shares</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Inflation
adjustment of Share Capital and Treasury Shares</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Share
premium</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Additional
Paid-in Capital from Treasury Shares</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Legal</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">reserve</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Special</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">&#xA0;reserve
(1)</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Other
reserves</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Retained</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">earnings</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total Shareholders&#x2019; equity</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 18%">
<div style="text-align: left; margin-left: 36px; margin-right: 10px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Balance
at June 30, 2017</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
575</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
3</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
123</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
793</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
17</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
143</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
2,756</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2,143</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
19,930</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
26,483</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 18%">
<div style="text-align: justify; margin-left: 36px; margin-right: 10px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Profit
for the period</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">625</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">625</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 18%">
<div style="text-align: justify; margin-left: 36px; margin-right: 10px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Other
comprehensive loss for the period</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(312)</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(312)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 18%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Total
comprehensive (loss) / income for the period</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(312)</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
625</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
313</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 18%">
<div style="text-align: justify; margin-left: 36px; margin-right: 10px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Reserve
for share-based compensation</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 18%">
<div style="text-align: left; margin-left: 36px; margin-right: 10px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Balance
at September 30, 2017</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
575</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
3</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
123</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
793</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
17</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
143</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
2,756</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
1,832</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
20,555</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
26,797</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">The
accompanying notes are an integral part of these Unaudited
Condensed Interim Separate Financial Statements.</font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(1)
Related to CNV General Resolution N&#xB0; 609/12. See Note 2.1.b)
and 17 of Consolidated Financial Statements as of June 30,
2017.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">The
composition of Other reserves of the Company as of September 30,
2017 is as follows:</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: bottom; width: 34%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Cost of Treasury shares</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Reserve
for share-based payments</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Reserve for futures dividends</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Others comprehensive income / (loss)</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
of subsidiaries</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Reserve</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
for</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;currency translation</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total Other reserves</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 34%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Balance
at June 30, 2017</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(28)</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
78</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
494</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
42</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
1,557</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2,143</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 34%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Other
comprehensive loss for the period</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(42)</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(270)</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(312)</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 34%">
<div style="text-align: justify; margin-left: 36px; margin-right: 10px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;Reserve for
share-based payments</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 34%">
<div style="text-align: left; margin-left: 36px; margin-right: 10px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">&#xA0;Balance
at September 30, 2017</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(28)</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
79</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
494</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
1,287</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
1,832</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 0%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 100%;">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;.</font></div>
<div style="text-align: center; margin-left: 480px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Fernando
A. Elsztain</font></div>
<div style="text-align: center; margin-left: 480px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Director
acting as</font></div>
<div style="text-align: center; margin-left: 480px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">President</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Arial; font-size: 13px">4</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: center; margin-left: 0px; margin-right: 11px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 16px">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%; border-bottom: solid 1px #000000">
<!--Rule Below Paragraph--></div>
</div>
</div>
<div style="text-align: center; margin-left: 36px; margin-right: 11px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Unaudited
Condensed Interim Separate Statements of Changes in
Shareholders&#x2019; Equity</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">for
the three-month periods ended September 30, 2017 and
2016</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;(All amounts
in millions of Argentine pesos, except shares and per share data
and as otherwise indicated)</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 11px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Free
translation from the original prepared in Spanish for publication
in Argentina</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 23%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Share
capital</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Treasury
shares</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Inflation
adjustment of Share Capital and Treasury Shares</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Share
premium</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Additional
Paid-in Capital from Treasury Shares</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Legal</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">reserve</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Special</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">&#xA0;reserve
(1)</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Other
reserves</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Retained</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">earnings</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total Shareholders&#x2019; equity</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 23%">
<div style="text-align: left; margin-left: 36px; margin-right: 10px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Balance
at June 30, 2016</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
575</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
4</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
123</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
793</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
16</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
117</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2,760</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
1,022</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
16,447</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
21,857</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 23%">
<div style="text-align: justify; margin-left: 36px; margin-right: 10px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Profit
for the period</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">186</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">186</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 23%">
<div style="text-align: justify; margin-left: 36px; margin-right: 10px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Other
comprehensive income for the period</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">228</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">228</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 23%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Total
comprehensive income for the period</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
228</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
186</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
414</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 23%">
<div style="text-align: justify; margin-left: 36px; margin-right: 10px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Reserve
for share-based payments</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">3</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">3</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 23%">
<div style="text-align: left; margin-left: 36px; margin-right: 10px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Balance
at September 30, 2016 (recast)</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
575</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
4</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
123</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
793</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
16</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
117</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2,760</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
1,253</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
16,633</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
22,274</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">The
accompanying notes are an integral part of these Unaudited
Condensed Interim Separate Financial Statements.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(1)
Related to CNV General Resolution N&#xB0; 609/12.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">The
composition of Other reserves of the Company as of September 30,
2016 is as follows:</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: bottom; width: 34%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Cost of Treasury shares</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Reserve
for share-based payments</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Reserve for futures dividends</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Others comprehensive income / (loss)</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
of subsidiaries</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Reserve</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
for</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;currency translation</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total Other reserves</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 34%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Balance
at June 30, 2016</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(29)</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
67</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
520</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(10)</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
474</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
1,022</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 34%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Other
comprehensive income for the period</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">17</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">211</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">228</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 34%">
<div style="text-align: justify; margin-left: 36px; margin-right: 10px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;Reserve for
share-based payments</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">3</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">3</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 34%">
<div style="text-align: left; margin-left: 36px; margin-right: 10px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">&#xA0;Balance
at September 30, 2016 (recast)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(29)</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
70</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
520</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
7</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
685</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
1,253</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 0%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 100%;">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;.</font></div>
<div style="text-align: center; margin-left: 480px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Fernando
A. Elsztain</font></div>
<div style="text-align: center; margin-left: 480px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Director
acting as</font></div>
<div style="text-align: center; margin-left: 480px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">President</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Arial; font-size: 13px">5</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: center; margin-left: 0px; margin-right: 11px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 16px">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%; border-bottom: solid 1px #000000">
<!--Rule Below Paragraph--></div>
</div>
</div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Unaudited
Condensed Interim Separate Statements of Cash Flows</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">for
the three-month periods beginning on July 1, 2017 and
2016</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">and ended September 30, 2017 and
2016</font><br></font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 11px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">(All
amounts in millions of Argentine pesos, except shares and per share
data and as otherwise indicated)</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 11px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Free
translation from the original prepared in Spanish for publication
in Argentina</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: bottom; width: 59%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">Note</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">09.30.17</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">09.30.16</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(recast)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 59%">
<div style="text-align: left; margin-left: 24px; margin-right: 4px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Operating
activities:</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 59%">
<div style="text-align: left"><font style="font-family: Times New Roman; font-size: 13px">Net cash used in
the operations</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div style="text-align: center; margin-left: 36px; margin-right: 2px; text-indent: -24px;">
<font style="font-family: Times New Roman; font-size: 13px">13</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(19)</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(107)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 59%">
<div style="text-align: left; margin-left: 24px; margin-right: 4px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Net
cash used in operating activities</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(19)</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(107)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 59%">
<div style="text-align: left; margin-left: 24px; margin-right: 4px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Investing
activities:</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 59%">
<div style="text-align: left"><font style="font-family: Times New Roman; font-size: 13px">Capital
contributions to subsidiaries, associates and joint
ventures</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div style="text-align: center; margin-left: 36px; margin-right: 2px; text-indent: -24px;">
<font style="font-family: Times New Roman; font-size: 13px">6</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(242)</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(449)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 59%">
<div style="text-align: left"><font style="font-family: Times New Roman; font-size: 13px">Acquisition and
advanced payments of investment properties</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(85)</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(2)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 59%">
<div style="text-align: left; margin-left: 24px; margin-right: 4px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Proceeds from sales
of investment properties</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div style="text-align: center; margin-left: 36px; margin-right: 2px; text-indent: -24px;">
<font style="font-family: Times New Roman; font-size: 13px">7</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">26</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 59%">
<div style="text-align: left; margin-left: 24px; margin-right: 4px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Acquisition of
properties, plant and equipment</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div style="text-align: center; margin-left: 36px; margin-right: 2px; text-indent: -24px;">
<font style="font-family: Times New Roman; font-size: 13px">8</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(2)</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 59%">
<div style="text-align: left; margin-left: 24px; margin-right: 4px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Acquisition of
trading properties</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div style="text-align: center; margin-left: 36px; margin-right: 2px; text-indent: -24px;">
<font style="font-family: Times New Roman; font-size: 13px">9</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(26)</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 59%">
<div style="text-align: left; margin-left: 24px; margin-right: 4px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Increase of
investments in financial assets</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(112)</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 59%">
<div style="text-align: left"><font style="font-family: Times New Roman; font-size: 13px">Proceeds from sales
of investments in financial assets</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">147</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 59%">
<div style="text-align: left"><font style="font-family: Times New Roman; font-size: 13px">Increase in loans
granted to subsidiaries, associates and joint ventures</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(9)</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(21)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 59%">
<div style="text-align: left; margin-left: 24px; margin-right: 4px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Net
cash flow used in investing activities</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(303)</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(470)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 59%">
<div style="text-align: left"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Financing
activities:</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 59%">
<div style="text-align: left"><font style="font-family: Times New Roman; font-size: 13px">Bank
overdrafts</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">9,634</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">41,583</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 59%">
<div style="text-align: left"><font style="font-family: Times New Roman; font-size: 13px">Payment of bank
overdrafts</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(9,259)</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(42,429)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 59%">
<div style="text-align: left"><font style="font-family: Times New Roman; font-size: 13px">Payment of
principal Non-Convertible Notes</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(110)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 59%">
<div style="text-align: left"><font style="font-family: Times New Roman; font-size: 13px">Interests
paid</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(179)</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(85)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 59%">
<div style="text-align: left"><font style="font-family: Times New Roman; font-size: 13px">Loans obtained from
subsidiaries, associates and joint ventures</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">11</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 59%">
<div style="text-align: left"><font style="font-family: Times New Roman; font-size: 13px">Payment of loans
from subsidiaries, associates and joint ventures</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(10)</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(279)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 59%">
<div style="text-align: left"><font style="font-family: Times New Roman; font-size: 13px">Collect from
borrowings granted to subsidiaries, associates and joint
ventures</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">48</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 59%">
<div style="text-align: left"><font style="font-family: Times New Roman; font-size: 13px">Issuance of
Non-Convertible Notes</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">3,121</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 59%">
<div style="text-align: left; margin-left: 24px; margin-right: 4px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Net
cash flow generated by financing activities</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
245</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
1,801</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 59%">
<div style="text-align: left; margin-left: 24px; margin-right: 4px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Net
(decrease) / increase in cash and cash equivalents</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(77)</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
1,224</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 59%">
<div style="text-align: left; margin-left: 24px; margin-right: 4px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Cash
and cash equivalents at the beginning of the period</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div style="text-align: center; margin-left: 36px; margin-right: 2px; text-indent: -24px;">
<font style="font-family: Times New Roman; font-size: 13px">11</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">148</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">6</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 59%">
<div style="text-align: left; margin-left: 24px; margin-right: 4px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Mutual
funds</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">2</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 59%">
<div style="text-align: left"><font style="font-family: Times New Roman; font-size: 13px">Foreign exchange on
cash and cash equivalents</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">13</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 59%">
<div style="text-align: left; margin-left: 24px; margin-right: 4px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Cash
and cash equivalents at the end of the period</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div style="text-align: center; margin-left: 36px; margin-right: 2px; text-indent: -24px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">11</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
73</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
1,243</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;The
accompanying notes are an integral part of these Unaudited
Condensed Interim Separate Financial Statements.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 13px;">
<tr>
<td style="vertical-align: top; width: 0%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 100%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;.</font></font></div>
<div style="text-align: center; margin-left: 480px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Fernando A.
Elsztain</font></font></div>
<div style="text-align: center; margin-left: 480px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Director acting
as</font></font></div>
<div style="text-align: center; margin-left: 480px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">President</font></font></div>
</td>
</tr></table>
</div>

<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>

<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>

<div id="pn" style="text-align: center"><font style="font-family: Arial; font-size: 13px">6</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: center; margin-left: 0px; margin-right: 11px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 16px">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%; border-bottom: solid 1px #000000">
<!--Rule Below Paragraph--></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 5px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Notes to the Unaudited Condensed Interim Separate Financial
Statements</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 11px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(All
amounts in millions of Argentine Pesos, except shares and per share
data and as otherwise indicated)</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 11px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Free
translation from the original prepared in Spanish for publication
in Argentina</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 36px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">1.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">General
information and company&#x2019;s business</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: -1px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima
(&#x201C;IRSA&#x201D; or &#x201C;The Company&#x201D;) was founded in
1943, it is primarily engaged in managing real estate holdings in
Argentina since 1991.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: -1px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">IRSA is
a corporation incorporated and domiciled in Argentina. The
registered office is Bol&#xED;var 108, 1<font style="font-size: 70%; vertical-align: top">st</font>. Floor, Buenos
Aires, Argentina.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: -1px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">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 malls
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 Interim Consolidated Financial Statements,
on October 11, 2015 IRSA obtained 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></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: -1px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">These
Unaudited Condensed Interim Separate Financial Statements have been
approved for issue by the Board of Directors on November 8,
2017.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 36px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">2.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Basis
of preparation of the Unaudited Condensed Interim Separate
Financial Statements</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 84px; margin-right: -1px; text-indent: -48px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">2.1.&#xA0;Basis
of preparation</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: -1px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">The
Unaudited Condensed Interim Separate Financial Statements have been
prepared in accordance with International Financial Reporting
Standards (IFRS), issued by the International Accounting Standards
Board (IASB). They should be read together with the Annual Separate
Financial Statements of the Company as of June 30,
2017.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: -1px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">The
Unaudited Condensed Interim Separate Financial Statements
corresponding to the three-month periods ended September 30, 2017
and 2016 have not been audited. The Company&#x2019;s Management
believes they include all necessary adjustments to fairly present
the results of each period. The Company&#x2019;s three-month periods
ended September 30, 2017 and 2016 results do not necessarily
reflect the proportion of the Company&#x2019;s full-year
results.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 108px; margin-right: 0px; text-indent: -72px;">
<font style="font-weight: bold; font-style: italic; font-family: Times New Roman; font-size: 13px">
2.2.a) Changes to financial statements previously issued due to
change in accounting policies</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">As
mentioned in Note 2 to the Consolidated Financial Statements as of
June 30, 2017, during the fiscal year ended June 30, 2017 the
Group&#x2019;s Board of Directors decided to change the accounting
policy for investment property from cost model to fair value model,
as permitted under IAS 40. Therefore, the Group has retroactively
changed the previously issued Interim Financial Statements, as
required by IAS 8.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Arial; font-size: 13px">7</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: center; margin-left: 0px; margin-right: 28px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 16px">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%; border-bottom: solid 1px #000000">
<!--Rule Below Paragraph--></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">The
table below includes the reconciliation between the Statements of
Income and the Statements of Comprehensive Income for the
three-month period ended September 30, 2016 as they were originally
issued, and the statements included in these Interim Financial
Statements for comparative purposes. There is no impact on the
relevant total amounts of the statement of cash flows.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Statement
of Income and Statement of Other Comprehensive Income for the
period ended September 30, 2016:</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 53%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: center"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">09.30.16</font></div>
<div style="text-align: center"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(originally
issued)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: center"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">09.30.16</font></div>
<div style="text-align: center"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(adjustment)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: center"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">09.30.16</font></div>
<div style="text-align: center"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">&#xA0;(recast)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 53%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Revenue</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right"><font style="font-family: Times New Roman; font-size: 13px">8</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right"><font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right"><font style="font-family: Times New Roman; font-size: 13px">8</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 53%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Costs</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Times New Roman; font-size: 13px">(6)</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Times New Roman; font-size: 13px">(6)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 53%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Gross
Profit</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">2</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">2</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 53%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Net
gain from fair value adjustments of investment
properties</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right"><font style="font-family: Times New Roman; font-size: 13px">57</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">a)</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right"><font style="font-family: Times New Roman; font-size: 13px">57</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 53%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">General
and administrative expenses</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right"><font style="font-family: Times New Roman; font-size: 13px">(35)</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right"><font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right"><font style="font-family: Times New Roman; font-size: 13px">(35)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 53%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Selling
expenses</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right"><font style="font-family: Times New Roman; font-size: 13px">(5)</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right"><font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right"><font style="font-family: Times New Roman; font-size: 13px">(5)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 53%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Other
operating results, net</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Times New Roman; font-size: 13px">(4)</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Times New Roman; font-size: 13px">(4)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 53%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(Loss)
/ Profit from operations</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(42)</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">57</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">15</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 53%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Share
of (loss) / profit of subsidiaries, associates and joint
ventures</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Times New Roman; font-size: 13px">(400)</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Times New Roman; font-size: 13px">726</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">b)</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Times New Roman; font-size: 13px">326</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 53%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(Loss)
/ Profit from operations before financial results and income
tax</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(442)</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">783</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">341</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 53%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Finance
income</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right"><font style="font-family: Times New Roman; font-size: 13px">33</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right"><font style="font-family: Times New Roman; font-size: 13px">33</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 53%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Finance
cost</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Times New Roman; font-size: 13px">(254)</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Times New Roman; font-size: 13px">(254)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 53%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Financial results,
net</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Times New Roman; font-size: 13px">(221)</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Times New Roman; font-size: 13px">(221)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 53%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(Loss)
/ Profit before income tax</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(663)</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">783</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Times New Roman; font-size: 13px">120</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 53%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Income
tax</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Times New Roman; font-size: 13px">86</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Times New Roman; font-size: 13px">(20)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">c)</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Times New Roman; font-size: 13px">66</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 53%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(Loss)
/ Profit for the period</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(577)</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">763</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">186</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 53%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 53%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(Loss)
/ Earning per share:</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">(1.003)</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">0.323</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 53%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;Basic</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">(1.003)</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">0.321</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 53%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;Diluted</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: middle; width: 53%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
09.30.16</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px"><font style="color: #000000">
(</font>originally issued)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;09.30.16</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(adjustment)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;09.30.16</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(recast)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 53%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px"><font style="font-family: Times New Roman">
(</font>Loss) / Profit for the period</font></div>
</td>
<td style="vertical-align: middle; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(577)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
763</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
186</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 53%;">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Other
comprehensive (loss) / income</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 53%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-style: italic; font-family: Times New Roman; font-size: 13px">
Items that may be reclassified subsequently to profit or
loss:</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 53%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Share
of other comprehensive income of subsidiaries</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">17</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">17</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 53%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Currency
translation adjustment of subsidiaries, associates, and joint
ventures</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">195</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">16</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">211</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 53%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Other
comprehensive income for the period</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
212</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
16</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
228</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 53%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Total
comprehensive (loss) / income for the period</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(365)</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
779</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
414</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 53%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="text-decoration: underline; font-weight: bold; font-style: italic; font-family: Times New Roman; font-size: 13px">
Explanation of the changes in the separate statement of
comprehensive income:</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">a)
It represents the net change in fair value of the investment
properties.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">b)
Changes in share of profit / (loss) of associates and joint
ventures after applying the change to equity method valuation
implemented by the Company.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">c)
It represents the tax impact of the changes in accounting
policies.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">2.2.&#xA0;Significant
accounting policies</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">The
accounting policies adopted <font style="font-size: 13px">in the
preparation</font> of these Unaudited Condensed Interim Separate
Financial Statements are consistent with those applied in the
Annual Financial Statements as of June 30, 2017. The principal
accounting policies are described in Note 2 of those Annual
Financial Statements.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Arial; font-size: 13px">8</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: center; margin-left: 0px; margin-right: 28px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 16px">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%; border-bottom: solid 1px #000000">
<!--Rule Below Paragraph--></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">2.3.&#xA0;Use
of estimates</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">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
Unaudited Condensed Interim Separate Financial
Statements.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">In the
preparation of these Unaudited Condensed Interim Separate Financial
Statements, the main significant judgments made by Management in
applying the Company&#x2019;s accounting policies and the major
sources of uncertainty were the same that the Company used in the
preparation of the Separate Financial Statements for the fiscal
year ended June 30, 2017.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 36px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">2.4.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Comparability
of information</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">Information as of
June 30, 2017 shown in these Financial Statements for comparative
purposes arises from financial statements then ended. As regards
balances outstanding on September 30, 2016, they have been amended
as explained in Note 2.1.a).</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 84px; margin-right: 0px; text-indent: -48px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">3.&#xA0;Seasonal
effects on operations</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">See
Note 3 to the Unaudited Condensed Interim Consolidated Financial
Statements.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 84px; margin-right: -1px; text-indent: -48px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">4.&#xA0;Acquisitions
and disposals</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: -1px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">See
description of acquisitions and disposals made by the Company
and/or its subsidiaries for the three-month period ended September
30, 2017 in Note 4 to the Unaudited Condensed Interim Consolidated
Financial Statements.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">5.&#xA0;Financial
risk management and fair value estimates</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">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, 2017. There has been no change in the
risk management or risk management policies applied by the Company
since the end of the annual fiscal year.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">Since
June 30, 2017 there have been no significant changes in business or
economic circumstances affecting the fair value of the Company's
financial assets or liabilities (either measured at fair value or
amortized cost). See notes to the Unaudited Condensed Interim
Consolidated Financial Statements. Furthermore, there have been no
transfers between the different hierarchies used to assess the fair
value of the Company&#x2019;s financial instruments.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 84px; margin-right: 0px; text-indent: -48px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">6.&#xA0;Information
about the main subsidiaries, associates and joint
ventures</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">The
Company conducts its business through several operating and holding
subsidiaries, associates and joint ventures. Its main subsidiaries
include IRSA CP and Tyrus.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">As
indicated in Note 1 to the Annual Consolidated Financial
Statements, the Company has an indirect participation in IDBD
through Tyrus. In addition, the note describes the implications of
the subsidiary for the group.</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Arial; font-size: 13px">9</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: center; margin-left: 0px; margin-right: 28px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 16px">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%; border-bottom: solid 1px #000000">
<!--Rule Below Paragraph--></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">Within
the Operations Center in Israel and in relation to IDBD&#x2019;s
financial position, its cash flow and its ability to meet its
financial commitments, the following should be taken into
consideration:</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 84px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Since September
2016, after the sale of Adama and the increase in value of its
subsidiaries in the market, IDBD considers that it is possible to
obtain new financing in the market or refinance its debts. In this
regards, IDBD has recently successfully completed issuance of
debentures, as mentioned in Note 20 to the Consolidated Financial
Statements as of June 30, 2017. Additionally, it has made early
repayments of its financial debt and has managed to renegotiate the
related financial restrictions.</font></div>
</div>
</div>
<div style="margin-left: 84px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">As mentioned in
Note 7 to the Consolidated Financial Statements as of June 30,
2017, DIC declared dividends out of which IDBD received
approximately NIS 271 million (equivalent to approximately Ps.
1,219), net of the exercise of warrants mentioned in Note 4.C to
the Consolidated Financial Statements as of June 30,
2017.</font></div>
</div>
</div>
<div style="margin-left: 84px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">In February 2017,
Standard &amp; Poor&#x2019;s Maalot (S&amp;P Maalot) upgraded the
rating of IDBD debentures, from CCC to BB. Subsequently, in July
2017, S&amp;P Maalot increased again the rating to BBB with stable
outlook.</font></div>
</div>
</div>
<div style="margin-left: 84px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">As mentioned in
Note 14 to the Consolidated Financial Statements as of June 30,
2017, IDBD sold part of its stake in Clal and signed a swap
agreement for the future sale.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">The
main associates include BHSA and New Lipstick. Its main joint
ventures include Cyrsa, Puerto Retiro.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">Detailed below are
the evolutions of investments in subsidiaries, associates and joint
ventures of the Company, for the three-month period ended September
30, 2017 and for the year ended June 30, 2017:</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
Subsidiaries, Associates and Joint ventures</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 62%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: center"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">09.30.17</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">06.30.17</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 62%">
<div style="text-align: left; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Beginning
of period / year</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">29,447</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">23,342</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 62%">
<div style="text-align: left; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Capital
contribution (i)</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">242</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">1,121</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 62%">
<div style="text-align: left; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Increase in equity
interest in associates</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">119</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 62%">
<div style="text-align: left; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Share
of profit, net</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">776</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">4,485</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 62%">
<div style="text-align: left; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Cash
dividends (ii)</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">(755)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 62%">
<div style="text-align: left; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Other
comprehensive (loss) / income</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">(312)</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">1,135</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 62%">
<div style="text-align: left; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">End
of the period / year (iii)</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">30,153</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">29,447</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 36px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(i)</font></div>
<div style="text-align: justify; display: table-cell"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">During
the period, capital contributions were made to Tyrus and Manibil
for Ps. 198 and Ps. 44, respectively. During the fiscal year ended
June 30, 2017 capital contributions were made to Tyrus, Llao, Hasa,
Palermo Invest S.A., Inversora Bolivar S.A. and Manibil for Ps.
1,072, Ps. 2, Ps. 3, Ps. 3, Ps. 3 and Ps. 38,
respectively.</font></div>
</div>
</div>
<div style="margin-left: 36px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(ii)</font></div>
<div style="text-align: justify; display: table-cell"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">No
dividends were distributed during the period. During the year ended
June 30, 2017 Palermo Invest S.A., Inversora Bol&#xED;var S.A.,
ECLSA, CYRSA and IRSA CP distributed dividends to the Company for
an amount of Ps. 0.2, Ps. 1, Ps. 0.3, Ps. 7.5, Ps. 727 and Ps. 19,
respectively.</font></div>
</div>
</div>
<div style="margin-left: 36px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px; font-family: Times New Roman">(iii)</font></div>
<div style="text-align: justify; display: table-cell"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">As
of September 30, 2017 and June 30, 2017 includes Ps. 6 and Ps. 3,
respectively, corresponding to equity interest in HASA and IRSA -
Galer&#xED;as Pac&#xED;fico UTE, included in Provisions (Note
17).</font></div>
</div>
</div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Arial; font-size: 13px">10</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: center; margin-left: 0px; margin-right: 28px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 16px">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%; border-bottom: solid 1px #000000">
<!--Rule Below Paragraph--></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td rowspan="2" style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Name of the entity</font></div>
</td>
<td rowspan="2" style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Place of business / Country of incorporation</font></div>
</td>
<td rowspan="2" style="vertical-align: bottom; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Main activity</font></div>
</td>
<td rowspan="2" style="vertical-align: bottom; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Common shares 1 vote</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Value of Group's interest in equity</font></div>
</td>
<td style="vertical-align: bottom; width: 1%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Group's interest in comprehensive income / (loss)</font></div>
</td>
<td style="vertical-align: bottom; width: 1%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
% ownership interest held</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: bottom; width: 20%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Latest financial statements issued</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
September 30, 2017</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
June 30,</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2017</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
September 30, 2017</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
September 30,</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2016 (recast)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
September 30,</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2017</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
June 30,</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;2017</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Capital Stock (nominal value)</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Profit / (Loss) for the period</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Shareholders&#x2019; equity</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">IRSA
CP</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Argentina</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Real
estate</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">118,972,538</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">22,582</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">20,807</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">1,776</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">712</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">94.41%</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">94.41%</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">126</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">1,881</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">24,026</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">ECLSA</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Argentina</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Investment</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: center; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">77,316,130</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">443</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">390</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">53</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">7</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">96.74%</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">96.74%</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">80</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">54</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">457</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">EFANUR</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Uruguay</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Investment</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">130,386,770</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">547</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">522</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">25</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">99</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">100.00%</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">100.00%</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">130</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">2</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">547</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">HASA
(3)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Argentina</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Hotel</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">18,791,800</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">(5)</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">(3)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">(1)</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">(1)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">80.00%</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">80.00%</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">23</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">(2)</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">(6)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Inversora
Bol&#xED;var S.A.</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Argentina</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Investment</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">83,571,237</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">400</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">341</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">59</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">6</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">95.13%</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">95.13%</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">88</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">62</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">414</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Llao
Llao Resort S.A. (3)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Argentina</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Hotel</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: center; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">73,580,206</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">13</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">13</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">50.00%</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">50.00%</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">147</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">(1)</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">26</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">NFSA
(3)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Argentina</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Hotel</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: center; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">38,068,999</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">20</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">23</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">(3)</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">(1)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">76.34%</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">76.34%</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">50</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">(4)</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">43</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Palermo
Invest S.A.</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Argentina</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Investment</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: center; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">155,953,673</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">327</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">263</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">64</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">6</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">97.00%</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">97.00%</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">161</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">65</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">367</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Ritelco
S.A.</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Uruguay</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Investment</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: center; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">94,369,151</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">586</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">494</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">92</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">11</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">100.00%</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">100.00%</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">94</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">92</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">586</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Tyrus</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Uruguay</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Investment</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: center; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">16,025,861,475</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">4,609</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">6,053</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">(1,643)</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">(302)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">100.00%</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">100.00%</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">6,245</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">(1,307)</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">4,608</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">BHSA
(1) (2)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Argentina</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Financial</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">73,939,822</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">340</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">278</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">62</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">7</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">5.05%</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">5.05%</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">1,463</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">248</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">5,505</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">BACS
(2)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Argentina</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Financial</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">29,297,626</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">141</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">158</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">(17)</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">2</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">33.36%</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">33.36%</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">88</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">44</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">474</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Manibil</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Argentina</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Real
estate</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: center; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">130,122,872</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">141</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">95</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">2</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">7</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">49.00%</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">49.00%</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">266</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">5</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">288</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Cyrsa
S.A.</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Argentina</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Real
estate</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: center; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">8,748,270</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">10</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">13</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">(3)</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">50.00%</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">50.00%</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">17</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">(6)</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">19</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">UTE
IRSA - Galer&#xED;as Pac&#xED;fico S.A.</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Argentina</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Real
estate</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: center; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">500,000</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">(1)</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">(2)</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">50.00%</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">50.00%</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">(3)</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">(3)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">30,153</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">29,447</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
464</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">554</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="margin-left: 36px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-family: Times New Roman; font-size: 13px">(1)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">Considered
significant. See Notes 7 to 9 to the Annual Consolidated Financial
Statements for summarized financial information.</font></div>
</div>
</div>
<div style="margin-left: 36px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-family: Times New Roman; font-size: 13px">(2)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Information as of
June 30, 2017 according to BCRA's standards. For the purpose of the
valuations of the investments in the Company, preliminary figures
as of September 30, 2017 have been considered with the necessary
IFRS adjustments. Share market price of Banco Hipotecario S.A as of
September 30, 2017 amounts to Ps. 7.61. See Note 9 to the
Consolidated Financial Statements as of June 30, 2017.</font></div>
</div>
</div>
<div style="margin-left: 36px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-family: Times New Roman; font-size: 13px">(3)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">The
Company has secured confidence, proportionally to their share
interest, loans of Hoteles Argentinos S.A., Llao Llao Resorts S.A.
and Nuevas Fronteras S.A. with BHSA for Ps. 5.5, Ps. 1.0 and Ps.
5.1, respectively.</font></div>
</div>
</div>
<br>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Arial; font-size: 13px">11</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: center; margin-left: 0px; margin-right: 28px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 16px">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%; border-bottom: solid 1px #000000">
<!--Rule Below Paragraph--></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">7.&#xA0;Investment
properties</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 16px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">Changes
in the Company&#x2019;s investments properties for the three-month
period ended September 30, 2017 and for the year ended June 30,
2017 were as follows:</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: middle; width: 33%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="7" style="vertical-align: bottom; width: 52%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Period</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
ended</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
September 30, 2017</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Fiscal year</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
ended</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
June 30,</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2017</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 33%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Office buildings and other rental portfolio</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Undeveloped parcel of lands</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Properties under</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
development</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 33%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Fair value hierarchy</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 33%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Fair value at the beginning of the period / year</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
891</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
3,218</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
348</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
4,457</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
3,540</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 33%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Additions</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">19</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">19</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">15</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 33%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Disposals</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(26)</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(26)</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(37)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 33%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Net
gain / (loss) from changes in fair value of investment
properties</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">38</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">131</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(6)</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">163</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">939</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 33%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Fair value at the end of the period / year</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
903</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
3,349</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
361</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
4,613</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
4,457</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">The
following amounts have been recognized in the statements of
income:</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 62%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: center"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">09.30.17</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: center"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">09.30.16</font></div>
<div style="text-align: center"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(recast)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 62%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Sales,
rental and services income (Note 18)</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">8</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">7</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 62%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Costs
(Note 19)</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">(7)</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">(6)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 62%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Net
gain from changes in fair value of investment
properties</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">163</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">57</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">Valuation
techniques are described in Note 10 to the Consolidated Financial
Statements as of June 30, 2017. There were no changes to the
valuation techniques.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">8.&#xA0;Property,
plant and equipment</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 16px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">Changes
in the Company&#x2019;s property, plant and equipment for the
three-month period ended September 30, 2017 and for the year ended
June 30, 2017 were as follows:</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: middle; width: 35%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="7" style="vertical-align: bottom; width: 46%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Period ended</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
September 30, 2017</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Fiscal year ended</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
June 30, 2017</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 35%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Buildings and facilities</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Furniture</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
and fixtures</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Machinery and equipment</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 35%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Balances at beginning of the period / year</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
4</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
6</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
3</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 35%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Costs</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">16</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">3</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">16</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">35</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">31</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 35%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Accumulated
depreciation</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(12)</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(3)</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(14)</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(29)</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(28)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 35%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Net book amount at beginning of period / year</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
4</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
6</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
3</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 35%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Additions</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">2</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">4</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 35%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Depreciation</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(1)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 35%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Balances at end of the period / year</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
5</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
3</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
8</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
6</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 35%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Costs</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">17</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">3</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">17</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">37</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">35</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 35%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Accumulated
depreciation</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(12)</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(3)</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(14)</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(29)</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(29)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 35%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Net book amount at the period / year</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
5</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
3</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
8</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
6</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Arial; font-size: 13px">12</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: center; margin-left: 0px; margin-right: 28px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 16px">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%; border-bottom: solid 1px #000000">
<!--Rule Below Paragraph--></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">9.&#xA0;Trading
properties</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 2px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">Changes
in the Company&#x2019;s trading properties for the three-month
period ended September 30, 2017 and for the year ended June 30,
2017 were as follows:</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 25%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="5" style="vertical-align: bottom; width: 56%; border-bottom: 2px solid #000000">
<div style="text-align: center"><font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Period ended</font></div>
<div style="text-align: center"><font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;September 30, 2017</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: center"><font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Fiscal year ended</font></div>
<div style="text-align: center"><font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
June 30, 2017</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 25%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: center"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Completed
properties</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Properties</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">under
development</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Total</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Total</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 25%">
<div style="text-align: left"><font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Beginning of the period / year</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">5</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">322</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">327</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">304</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 25%">
<div style="text-align: left"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Additions</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">26</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">26</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">23</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 25%">
<div style="text-align: left"><font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
End of the period / year</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">5</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">348</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">353</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">327</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 63%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: center"><font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
09.30.17</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: center"><font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
06.30.17</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 63%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Non-current</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">349</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">319</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 63%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Current</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">4</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">8</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 63%">
<div style="text-align: left"><font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total</font></div>
</td>
<td style="vertical-align: middle; width: 17%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">353</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 17%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">327</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">10.&#xA0;Intangible
assets</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">Changes
in Company&#x2019;s intangible assets for the three-month period
ended September 30, 2017 and for the year ended June 30, 2017 were
as follows:</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 39%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="5" style="vertical-align: bottom; width: 45%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Period ended</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
September 30, 2017</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Fiscal year ended</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
June 30, 2017</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 39%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Computer software</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Future units to be received from barters</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 39%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Balances at beginning of the period / year</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
19</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
21</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
52</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 39%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Costs</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">4</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">19</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">23</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">54</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 39%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Accumulated
amortization</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(2)</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(2)</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(2)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 39%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Net book amount at the beginning of the period / year</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
19</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
21</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
52</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 39%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Additions</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">21</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 39%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Disposals</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(52)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 39%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Balances at end of the period / year</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
19</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
21</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
21</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 39%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Costs</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">4</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">19</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">23</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">23</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 39%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Accumulated
amortization</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(2)</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(2)</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(2)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 39%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Net book amount at the end of the period / year</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
19</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
21</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
21</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 84px; margin-right: 0px; text-indent: -48px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">11.&#xA0;Financial
instruments by category</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">The
note shows the financial assets and financial liabilities by
category of financial instrument and a reconciliation to the
corresponding line item in the Interim Statements of Financial
Position, as appropriate. Financial assets and liabilities measured
at fair value are assigned based on their different levels in the
fair value hierarchy. For further information, related to fair
value hierarchy see Note 14 to the Consolidated Financial
Statements as of June 30, 2017.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Arial; font-size: 13px">13</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: center; margin-left: 0px; margin-right: 28px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 16px">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%; border-bottom: solid 1px #000000">
<!--Rule Below Paragraph--></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 60px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Financial assets
and financial liabilities as of September 30, 2017 are as
follows:</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 32%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Financial</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">assets</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">at
amortized</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">cost</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Financial
assets at fair value</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">through
profit or loss</font></div>
</td>
<td style="vertical-align: middle; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Subtotal</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">financial
assets</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Non-financial
assets</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Total</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 32%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Level
1</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 32%">
<div style="text-align: left; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">September
30, 2017</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 32%">
<div style="text-align: justify; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Assets
as per statements of financial position</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 32%">
<div style="text-align: justify; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Trade
and other receivables (excluding the allowance for doubtful
accounts) (Note 12)</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">271</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">271</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">576</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">847</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 32%">
<div style="text-align: justify; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Restricted assets
(*)</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">4</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">4</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">4</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 32%">
<div style="text-align: justify; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Investments in
financial assets:</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 32%">
<div style="text-align: justify; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;-
Mutual funds</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">2</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">2</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">2</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 32%">
<div style="text-align: justify; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Derivative
financial instruments:</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 32%">
<div style="text-align: justify; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;-
Foreign-currency future contracts</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">12</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">12</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">12</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 32%">
<div style="text-align: justify; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Cash
and cash equivalents:</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 32%">
<div style="text-align: justify; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;-
Cash at bank and on hand</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">73</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">73</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">73</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 32%">
<div style="text-align: justify; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Total</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">348</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">14</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">362</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">576</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">938</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">(*)
Corresponds to capitalization plan.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 43%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Financial
liabilities</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">at
amortized cost</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 20%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Non-
financial liabilities</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Total</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 19%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 20%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 43%">
<div style="text-align: justify; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Liabilities
as per statements of financial position</font></div>
</td>
<td style="vertical-align: bottom; width: 19%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 20%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 43%">
<div style="text-align: justify; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Trade
and other payables (Note 14)</font></div>
</td>
<td style="vertical-align: bottom; width: 19%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">110</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 20%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">860</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">970</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 43%">
<div style="text-align: justify; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Borrowings (Note
15)</font></div>
</td>
<td style="vertical-align: bottom; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">6,253</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 20%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">6,253</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 43%">
<div style="text-align: justify; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Total</font></div>
</td>
<td style="vertical-align: bottom; width: 19%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">6,363</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 20%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">860</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">7,223</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 30%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Financial
assets</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">at
amortized cost</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Financial
assets at fair value through</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">profit
or loss</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Subtotal</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">financial
assets</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Non-financial
assets</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Total</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 30%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Level
1</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 30%">
<div style="text-align: left; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">June
30, 2017</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 30%">
<div style="text-align: justify; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Assets
as per statements of financial position</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 30%">
<div style="text-align: justify; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Trade
and other receivables (excluding the allowance for doubtful
accounts) (Note 12)</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">290</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">290</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">492</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">782</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 30%">
<div style="text-align: justify; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Restricted assets
(*)</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">4</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">4</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">4</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 30%">
<div style="text-align: justify; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Investments in
financial assets:</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 30%">
<div style="text-align: justify; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;-
Mutual funds</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">11</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">11</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">11</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 30%">
<div style="text-align: justify; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;-
Bonds</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">27</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">27</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">27</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 30%">
<div style="text-align: justify; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Derivative
financial instruments:</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 30%">
<div style="text-align: justify; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;-
Foreign-currency future contracts</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">8</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">8</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">8</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 30%">
<div style="text-align: justify; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Cash
and cash equivalents:</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 30%">
<div style="text-align: justify; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">-
Mutual funds</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">56</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">56</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">56</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 30%">
<div style="text-align: justify; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">-
Bonds</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">67</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">67</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">67</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 30%">
<div style="text-align: justify; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;-
Cash at bank and on hand</font></div>
</td>
<td style="vertical-align: bottom; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">25</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">25</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">25</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 30%">
<div style="text-align: justify; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Total</font></div>
</td>
<td style="vertical-align: bottom; width: 16%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">319</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">169</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">488</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">492</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">980</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">(*)
Corresponds to capitalization plan.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 39%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 20%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Financial
liabilities</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">at
amortized cost</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 21%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Non-financial</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">&#xA0;liabilities</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 18%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Total</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 39%">
<div style="text-align: justify; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Liabilities
as per statements of financial position</font></div>
</td>
<td style="vertical-align: bottom; width: 20%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 21%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 18%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 39%">
<div style="text-align: justify; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Trade
and other payables (Note 14)</font></div>
</td>
<td style="vertical-align: bottom; width: 20%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 12px;">
<font style="font-family: Times New Roman; font-size: 13px">101</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 21%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">806</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 18%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">907</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 39%">
<div style="text-align: justify; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Borrowings (Note
15)</font></div>
</td>
<td style="vertical-align: bottom; width: 20%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">5,698</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 21%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 18%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">5,698</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 39%">
<div style="text-align: justify; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Total</font></div>
</td>
<td style="vertical-align: bottom; width: 20%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">5,799</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 21%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">806</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 18%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">6,605</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">During
the period ended on September 30, 2017, there were no transfers
between levels of the fair value hierarchy.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 36px; margin-right: -4px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">As of
September 30, 2017, there have been no changes to the economic or
business circumstances affecting the fair value of the financial
assets and liabilities of the Group.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Arial; font-size: 13px">14</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: center; margin-left: 0px; margin-right: 28px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 16px">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%; border-bottom: solid 1px #000000">
<!--Rule Below Paragraph--></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="margin-left: 60px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">12.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Trade
and other receivables</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">Company&#x2019;s
trade and other receivables, as of September 30, 2017 and June 30,
2017 is as follows:</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: bottom; width: 30%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="5" style="vertical-align: bottom; width: 34%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
At September 30, 2017</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="6" style="vertical-align: bottom; width: 34%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
At June 30, 2017</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 30%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Non-current</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Current</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Non-current</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Current</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total</font></div>
</td>
<td style="vertical-align: top; width: 0%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 30%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Receivables from
the sale of properties</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">21</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">30</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">51</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">22</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">29</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">51</font></div>
</td>
<td style="vertical-align: top; width: 0%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 30%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Leases
and services receivables</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">6</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">33</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">39</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">6</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">37</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">43</font></div>
</td>
<td style="vertical-align: top; width: 0%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 30%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Less:
Allowance for doubtful accounts</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(3)</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(3)</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(3)</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(3)</font></div>
</td>
<td style="vertical-align: top; width: 0%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 30%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total trade receivables</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
27</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
60</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
87</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
28</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
63</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
91</font></div>
</td>
<td style="vertical-align: top; width: 0%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 30%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Advance
payments</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">419</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">419</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">354</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">354</font></div>
</td>
<td style="vertical-align: top; width: 0%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 30%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Borrowings,
deposits and other debit balances</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">121</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">121</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">108</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">108</font></div>
</td>
<td style="vertical-align: top; width: 0%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 30%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">VAT
receivables</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">86</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">86</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">65</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">65</font></div>
</td>
<td style="vertical-align: top; width: 0%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 30%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Loans
granted</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">48</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">48</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">88</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">88</font></div>
</td>
<td style="vertical-align: top; width: 0%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 30%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Prepaid
expenses</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">32</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">5</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">37</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">30</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">8</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">38</font></div>
</td>
<td style="vertical-align: top; width: 0%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 30%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Receivable from
agreement with TGLT (i)</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">25</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">25</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">25</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">25</font></div>
</td>
<td style="vertical-align: top; width: 0%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 30%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Tax
receivables</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">7</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">7</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">7</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">7</font></div>
</td>
<td style="vertical-align: top; width: 0%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 30%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Others</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">14</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">14</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">3</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">3</font></div>
</td>
<td style="vertical-align: top; width: 0%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 30%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total other receivables</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
166</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
591</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
757</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
183</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
505</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
688</font></div>
</td>
<td style="vertical-align: top; width: 0%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 30%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total trade and other receivables</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
193</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
651</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
844</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
211</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
568</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
779</font></div>
</td>
<td style="vertical-align: top; width: 0%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 36px; margin-right: -1px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;(i) See Note
12 to the Unaudited Condensed Interim Consolidated Financial
Statements.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">Movements on the
Company&#x2019;s allowance for doubtful accounts are as
follows:</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 62%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 18%; border-bottom: 2px solid #000000">
<div style="text-align: center"><font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
09.30.17</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 18%; border-bottom: 2px solid #000000">
<div style="text-align: center"><font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
06.30.17</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 62%">
<div style="text-align: justify; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Beginning of period
/year</font></div>
</td>
<td style="vertical-align: bottom; width: 18%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">3</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 18%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">4</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 62%">
<div style="text-align: justify; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Additions</font></div>
</td>
<td style="vertical-align: bottom; width: 18%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 18%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 62%">
<div style="text-align: justify; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Decreases</font></div>
</td>
<td style="vertical-align: bottom; width: 18%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 18%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(2)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 62%">
<div style="text-align: justify; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">End of
the period / year</font></div>
</td>
<td style="vertical-align: bottom; width: 18%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
3</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 18%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
3</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">The
creation and release of the allowance for doubtful accounts have
been included in &#x201C;Selling expenses&#x201D; in the Statements
of Income (Note 19). Amounts charged to the allowance for doubtful
accounts are generally written off, when there is no expectation of
recovery.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 60px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">13.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Cash
flow information</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">Following is a
detailed description of cash flows generated by the Company&#x2019;s
operations for the three-month periods ended September 30, 2017 and
2016:</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: bottom; width: 61%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">Note</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: center"><font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
09.30.17</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: center"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">09.30.16</font></div>
<div style="text-align: center"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(recast)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 61%">
<div style="text-align: justify; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Profit
for the period</font></div>
</td>
<td style="vertical-align: top; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">625</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: 1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">186</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 61%">
<div style="text-align: justify; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Adjustments
for:</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 61%">
<div style="text-align: justify; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Income
tax</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">16</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(83)</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: 1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(66)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 61%">
<div style="text-align: justify; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Provisions and
allowances</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: 1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 61%">
<div style="text-align: justify; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Share-based
payments</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: 1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 61%">
<div style="text-align: justify; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Financial results,
net</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">21</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">349</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: 1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">221</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 61%">
<div style="text-align: justify; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Net
gain from fair value adjustments of investment
properties</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">7</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(163)</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: 1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(57)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 61%">
<div style="text-align: justify; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Share
of profit of subsidiaries, associates and joint
ventures</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">6</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(776)</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: 1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(326)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 61%">
<div style="text-align: justify; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Increase in trade
and other receivables</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(27)</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: 1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(1)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 61%">
<div style="text-align: justify; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Decrease in
salaries and social security liabilities</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(1)</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: 1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 61%">
<div style="text-align: justify; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Increase /
(Decrease) in trade and other payables</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">56</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(66)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 61%">
<div style="text-align: justify; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Net
cash used in operating activities</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(19)</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(107)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Arial; font-size: 13px">15</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: center; margin-left: 0px; margin-right: 28px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 16px">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%; border-bottom: solid 1px #000000">
<!--Rule Below Paragraph--></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: bottom; width: 68%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Additional information</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">09.30.17</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: center"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">09.30.16</font></div>
<div style="text-align: center"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(recast)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 68%">
<div style="text-align: justify; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Reserve
for share-based payments</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">3</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 68%">
<div style="text-align: justify; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Reserve
for currency translation adjustment</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(270)</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">211</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 68%">
<div style="text-align: justify; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Acquisition of
non-controlling interest</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">288</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 68%">
<div style="text-align: justify; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Share
of changes in subsidiaries&#x2019; equity</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(42)</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">17</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 68%">
<div style="text-align: justify; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Decrease in
borrowings from subsidiaries, associates and joint ventures through
a decrease in borrowings granted to subsidiaries, associates and
joint ventures</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">16</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 60px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">14.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Trade
and other payables</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">Company&#x2019;s
trade and other payables as of September 30, 2017 and June 30, 2017
were as follows:</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: middle; width: 31%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="5" style="vertical-align: middle; width: 34%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
September 30, 2017</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="5" style="vertical-align: middle; width: 34%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
June 30, 2017</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 31%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Non-current</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Current</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Non-current</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Current</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 31%">
<div style="text-align: left; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Customers
advances</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">837</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">5</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">842</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">782</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">4</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">786</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 31%">
<div style="text-align: left; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Trade
payables</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">69</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">69</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">72</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">72</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 31%">
<div style="text-align: left; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Invoices to be
received</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">35</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">35</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">20</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">20</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 31%">
<div style="text-align: justify; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total trade payables</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
837</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
109</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
946</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
782</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
96</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
878</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 31%">
<div style="text-align: left; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Long-term incentive
plan</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">9</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">9</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">10</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">10</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 31%">
<div style="text-align: left; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Tax
payables</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">3</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">3</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">4</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">4</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 31%">
<div style="text-align: left; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Tax
amnesty plan for payable taxes</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">2</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">2</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">2</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">2</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 31%">
<div style="text-align: left; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Tax on
shareholders&#x2019; personal assets</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">2</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">2</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 31%">
<div style="text-align: left; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Director&#xB4;s
fees</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">7</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">7</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">7</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">7</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 31%">
<div style="text-align: left; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Others</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">3</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">3</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">4</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">4</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 31%">
<div style="text-align: justify; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total other payables</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
9</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
15</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
24</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
27</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
29</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 31%">
<div style="text-align: left; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total trade and other payables</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
846</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
124</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
970</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
784</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
123</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
907</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 60px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">15.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Borrowings</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: -1px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">Company&#x2019;s
borrowings as of September 30, 2017 and June 30, 2017 are as
follows:</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: middle; width: 30%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="5" style="vertical-align: middle; width: 37%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
September 30, 2017</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="5" style="vertical-align: middle; width: 32%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
June 30, 2017</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 30%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Non-current</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Current</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Non-current</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Current</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 30%">
<div style="text-align: left; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Non-convertible
notes</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">4,762</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">46</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">4,808</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">4,588</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">79</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">4,667</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 30%">
<div style="text-align: left; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Bank
borrowings</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">700</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">284</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">984</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">722</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">229</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">951</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 30%">
<div style="text-align: left; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Bank
overdrafts</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">377</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">377</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 30%">
<div style="text-align: left; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Related
parties</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">31</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">52</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">83</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">30</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">50</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">80</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 30%">
<div style="text-align: left; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Other
borrowings</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 30%">
<div style="text-align: left; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total borrowings</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
5,494</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
759</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
6,253</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
5,340</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
358</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
5,698</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 60px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">16.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Current
and deferred income tax</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">The
provision for the Company&#x2019;s income tax are as
follows:</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: bottom; width: 62%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: center"><font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
09.30.17</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: center"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">09.30.16</font></div>
<div style="text-align: center"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(recast)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 62%">
<div style="text-align: left; margin-left: 84px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Deferred income
tax</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(83)</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(66)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 62%">
<div style="text-align: left; margin-left: 84px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Income
tax gain</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(83)</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(66)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: -11px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">The
gross movement on the deferred income tax account is as
follows:</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: bottom; width: 62%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: center"><font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
09.30.17</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: center"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">06.30.17</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 62%">
<div style="text-align: left; margin-left: 84px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Beginning
of the period / year</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(2,247)</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(1,516)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 62%">
<div style="text-align: left; margin-left: 84px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Income
tax expense</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">83</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(731)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 62%">
<div style="text-align: left; margin-left: 84px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">End
of the period / year</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(2,164)</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(2,247)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Arial; font-size: 13px">16</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: center; margin-left: 0px; margin-right: 28px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 16px">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%; border-bottom: solid 1px #000000">
<!--Rule Below Paragraph--></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">Below
is a reconciliation between income tax expense and the amount that
would arise using the income tax rate applicable to profit before
income tax for the three-month periods ended September 30, 2017 and
2016:</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: bottom; width: 62%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
09.30.17</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">09.30.16</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(recast)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 62%">
<div style="text-align: left; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Net
income at tax rate</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">190</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">42</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 62%">
<div style="text-align: left; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
Permanent differences:</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 62%">
<div style="text-align: left; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Share
of profit of subsidiaries, associates and joint
ventures</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(272)</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(108)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 62%">
<div style="text-align: left; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Non-deductible
donations</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">2</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 62%">
<div style="text-align: left; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Others</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(3)</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 62%">
<div style="text-align: left; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Income
tax &#x2013; Gain</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(83)</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(66)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 60px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">17.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Provisions</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 60px; margin-right: -1px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">The
table below shows changes in Company's provisions:</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: middle; width: 25%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="5" style="vertical-align: bottom; width: 52%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Period ended</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
September 30, 2017</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Fiscal year ended</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
June 30, 2017</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 25%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Labor,</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">legal
and other claims</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Investments</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">in
associates and joint ventures (i)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 25%">
<div style="text-align: left; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Beginning of the period / year</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
33</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
3</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
36</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 19%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
35</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 25%">
<div style="text-align: left; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Additions</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">2</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">6</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">8</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 19%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">11</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 25%">
<div style="text-align: left; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Decrease</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(2)</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(3)</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(5)</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(10)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 25%">
<div style="text-align: left; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
End of the period / year</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
33</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
6</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
39</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 19%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
36</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 36px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 12px">
<font style="font-family: Times New Roman; font-size: 13px">(i)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;&#xA0;&#xA0;Corresponds
to the investment in HASA and IRSA &#x2013; Galer&#xED;as
Pac&#xED;fico UTE with negative equity.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: -11px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">The
breakdown of total current and non-current provisions is as
follows:</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: bottom; width: 62%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
09.30.17</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">06.30.17</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 62%">
<div style="text-align: left; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Non-current</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">35</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">32</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 62%">
<div style="text-align: left; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Current</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">4</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">4</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 62%">
<div style="text-align: left; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Total</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">39</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">36</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 60px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">18.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Revenues</font></div>
</div>
</div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: bottom; width: 62%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
09.30.17</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">09.30.16</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(recast)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 62%">
<div style="text-align: left; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Rental
and averaging of scheduled rental escalation</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">7</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">6</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 62%">
<div style="text-align: left; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Property management
fees</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 62%">
<div style="text-align: left; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Sales,
rental and services income</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">8</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">7</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 62%">
<div style="text-align: left; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Expenses</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">3</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 62%">
<div style="text-align: left; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Total
revenues</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">11</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">8</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 60px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">19.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Expenses
by nature</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">The
Company disclosed expenses in the Unaudited Condensed Interim
Statements of Income by function as part of the line items
&#x201C;Costs&#x201D;, &#x201C;General and administrative
expenses&#x201D; and &#x201C;Selling expenses&#x201D;.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 2px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">The
following table provides additional disclosure regarding expenses
by nature and their relationship to the function within the
Company.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Arial; font-size: 13px">17</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: center; margin-left: 0px; margin-right: 28px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 16px">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%; border-bottom: solid 1px #000000">
<!--Rule Below Paragraph--></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">For the
period ended September 30, 2017 and 2016:</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: bottom; width: 36%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Costs</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">General
and administrative expenses</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Selling</font></div>
<div style="text-align: center"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">expenses</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Total
as of</font></div>
<div style="text-align: center"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">09.30.17</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Total
as of</font></div>
<div style="text-align: center"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">09.30.16</font></div>
<div style="text-align: center"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(recast)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 36%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Salaries, social
security costs and other personnel expenses</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">3</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">21</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">2</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">26</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">23</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 36%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Director&#xB4;s
fees</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">9</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">9</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">6</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 36%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Fees
and payments for services</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">4</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">4</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">5</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 36%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Traveling,
transportation and stationery</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">4</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">4</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">2</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 36%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Maintenance,
security, cleaning, repairs and others</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">3</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">3</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">4</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 36%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Leases
and service charges</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">2</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">2</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 36%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Taxes,
rates and contributions</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">2</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">3</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 36%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Advertising and
other selling expenses</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">2</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">2</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">2</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 36%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Bank
charges</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 36%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Public
services and others</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 36%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Allowance for
doubtful accounts (charge and recovery, net)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">(1)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 36%">
<div style="text-align: left; margin-left: 36px; margin-right: 1px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Total
expenses by nature as of 09.30.17</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">7</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">42</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">5</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">54</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 36%">
<div style="text-align: left; margin-left: 36px; margin-right: 1px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Total
expenses by nature as of 09.30.16 (recast)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">6</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">35</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">5</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">46</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 60px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">20.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Other
operating results, net</font></div>
</div>
</div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: bottom; width: 62%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: center"><font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
09.30.17</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: center"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">09.30.16</font></div>
<div style="text-align: center"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(recast)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 62%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Tax on
shareholders&#x2019; personal assets</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">2</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">(1)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 62%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Donations</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">(6)</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">(2)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 62%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Lawsuits and other
contingencies (i)</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">(2)</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">(2)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 62%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Others</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 62%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Total
other operating results, net</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(5)</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(4)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 60px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">(i)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">The period charge
corresponds to payments which had not been accrued
for.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 60px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">21.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Financial
results, net</font></div>
</div>
</div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: bottom; width: 62%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: center"><font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
09.30.17</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: center"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">09.30.16</font></div>
<div style="text-align: center"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(recast)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 62%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Finance
income:</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 62%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;-
Interest income</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">4</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">9</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 62%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;-
Foreign exchange gains</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">10</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">24</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 62%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Total
finance income</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">14</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">33</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 62%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Finance
costs:</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 62%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;-
Interest expenses</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">(150)</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">(145)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 62%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;-
Foreign exchange losses</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">(214)</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">(94)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 62%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;-
Other finance costs</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">(4)</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">(15)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 62%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Total
finance costs</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(368)</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(254)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 62%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Other
financial results:</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 62%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;-
Fair value gain of financial assets</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 62%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;-
Gain on derivative financial instruments, net</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">4</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 62%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Total
other financial results</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">5</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 62%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Total
financial results, net</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(349)</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(221)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Arial; font-size: 13px">18</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: center; margin-left: 0px; margin-right: 72px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 16px">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%; border-bottom: solid 1px #000000">
<!--Rule Below Paragraph--></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 84px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">22.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">&#xA0;Related
party transactions</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 84px; margin-right: 0px; text-indent: 36px;">
<font style="font-family: Times New Roman; font-size: 13px">The
following is a summary of the balances with related parties as of
September 30, 2017:</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: bottom; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Related party</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Description of transaction</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Non-current</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Trade and other receivables</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Current</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Trade and other receivables</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: center"><font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Non-current</font></div>
<div style="text-align: center"><font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Trade</font></div>
<div style="text-align: center"><font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
and other payables</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: center"><font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Current</font></div>
<div style="text-align: center"><font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Trade</font></div>
<div style="text-align: center"><font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
and other payables</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Non-current Borrowings</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Current</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Borrowings</font></div>
</td>
</tr><tr>
<td rowspan="3" style="vertical-align: middle; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 84px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">CRESUD</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Leases</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">4</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Corporate
services</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(9)</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Reimbursement
of expenses</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(3)</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px">
Total Parent Company</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
4</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(12)</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 19%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 84px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">ECLASA</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Other
receivables</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td rowspan="4" style="vertical-align: middle; width: 19%;">
<div style="text-align: left; margin-left: 84px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">IRSA
CP</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Reimbursement
of expenses</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(10)</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Corporate
services</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(32)</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Long-term
incentive plan</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(9)</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Sale
of properties</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(583)</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 19%; border-bottom: 2px dashed #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Leases</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(1)</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td rowspan="3" style="vertical-align: middle; width: 19%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 84px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Palermo
Invest S.A.</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Dividends
receivables</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">3</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Other
receivables</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Borrowings</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">5</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 19%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 84px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Inversora
Bol&#xED;var S.A.</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Borrowings</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(6)</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 19%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 84px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">HASA</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Hotel
services</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(3)</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 19%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 84px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">TYRUS</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Borrowings</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">83</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 19%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 84px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Llao
Llao Resorts S.A.</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Hotel
services</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">5</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(2)</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td rowspan="3" style="vertical-align: middle; width: 19%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 84px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">NFSA</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Hotel
services</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">5</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Management
fees</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">2</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Borrowings</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(36)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 84px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Efanur
S.A.</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Borrowings</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(10)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px">
Total Subsidiaries</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
5</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
100</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(583)</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(57)</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(6)</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(46)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Arial; font-size: 13px">19</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: center; margin-left: 0px; margin-right: 72px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 16px">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%; border-bottom: solid 1px #000000">
<!--Rule Below Paragraph--></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: bottom; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Related party</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Description of transaction</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Non-current</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Trade and other receivables</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Current</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Trade and other receivables</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: center"><font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Non-current</font></div>
<div style="text-align: center"><font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Trade</font></div>
<div style="text-align: center"><font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
and other payables</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: center"><font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Current</font></div>
<div style="text-align: center"><font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Trade</font></div>
<div style="text-align: center"><font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
and other payables</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Non-current Borrowings</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Current</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Borrowings</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 19%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 84px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Fibesa
S.A.</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Long-term
incentive plan</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">14</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td rowspan="2" style="vertical-align: middle; width: 19%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 84px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">PAMSA</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Long-term
incentive plan</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Non-Convertible
Notes</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(25)</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 19%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 84px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">ERSA</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Long-term
incentive plan</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 19%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 84px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">NPSF</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Long-term
incentive plan</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 19%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px">
Total Subsidiaries IRSA CP</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px dashed #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
17</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(25)</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 19%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 84px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Irsa
International LLC</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Reimbursement
of expenses</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 84px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Real
Estate Strategies LLC (D)</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Reimbursement
of expenses</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">6</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px">
Total Subsidiaries TYRUS</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
7</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 84px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">New
Lipstick</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Reimbursement
of expenses</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">4</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px">
Total Associates TYRUS</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
4</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 19%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 84px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">BHSA</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Reimbursement
of expenses</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(1)</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 19%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 84px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Manibil
S.A.</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Borrowings</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">43</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px">
Total Associates</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
43</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(1)</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 19%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 84px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">CYRSA</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Borrowings</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(6)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 84px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">UTE
IRSA &#x2013; Galer&#xED;as Pacifico S.A.</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Hotel
services</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">6</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px">
Total Joint Ventures</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
6</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(6)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 84px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Directors</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Fees</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(7)</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px">
Total Directors</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(7)</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px">
Total</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
48</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
138</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(590)</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(70)</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(31)</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(52)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Arial; font-size: 13px">20</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: center; margin-left: 0px; margin-right: 72px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 16px">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%; border-bottom: solid 1px #000000">
<!--Rule Below Paragraph--></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 84px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">The
following is a summary of the balances with related parties as of
June 30, 2017:</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: bottom; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Related party</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Description of transaction</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Non-current</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Trade and other receivables</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Current</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Trade and other receivables</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: center"><font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Non-current</font></div>
<div style="text-align: center"><font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Trade</font></div>
<div style="text-align: center"><font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
and other payables</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: center"><font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Current</font></div>
<div style="text-align: center"><font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Trade</font></div>
<div style="text-align: center"><font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
and other payables</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Non-current Borrowings</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Current</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Borrowings</font></div>
</td>
</tr><tr>
<td rowspan="3" style="vertical-align: middle; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 84px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">CRESUD</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Leases</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">4</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Corporate
services</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(8)</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Reimbursement
of expenses</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(12)</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px">
Total Parent Company</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
4</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(20)</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
</tr><tr>
<td rowspan="6" style="vertical-align: middle; width: 19%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 84px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">IRSA
CP</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Reimbursement
of expenses</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(16)</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Corporate
services</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(23)</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Other
receivables</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Long-term
incentive plan</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(10)</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Sale
of properties</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(542)</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Proceeds
from leases</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(1)</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td rowspan="3" style="vertical-align: middle; width: 19%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 84px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Palermo
Invest S.A.</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Dividends
receivables</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">3</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Other
receivables</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Borrowings</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">5</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: left; margin-left: 84px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Inversora
Bol&#xED;var S.A.</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Borrowings</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(6)</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 19%">
<div style="text-align: left; margin-left: 84px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">HASA</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Hotel
services</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(3)</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 19%">
<div style="text-align: left; margin-left: 84px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">TYRUS</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Borrowings</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">71</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: left; margin-left: 84px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Llao
Llao Resorts S.A.</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Hotel
services</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">3</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 19%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 84px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Efanur
S.A.</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Borrowings</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(10)</font></div>
</td>
</tr><tr>
<td rowspan="2" style="vertical-align: middle; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 84px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">NFSA</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Management
fees</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">7</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Borrowings</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(34)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px">
Total Subsidiaries</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
5</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
86</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(542)</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(53)</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(6)</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(44)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Arial; font-size: 13px">21</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: center; margin-left: 0px; margin-right: 72px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 16px">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%; border-bottom: solid 1px #000000">
<!--Rule Below Paragraph--></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: bottom; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Related party</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Description of transaction</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Non-current</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Trade and other receivables</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Current</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Trade and other receivables</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: center"><font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Non-current</font></div>
<div style="text-align: center"><font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Trade</font></div>
<div style="text-align: center"><font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
and other payables</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: center"><font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Current</font></div>
<div style="text-align: center"><font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Trade</font></div>
<div style="text-align: center"><font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
and other payables</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Non-current Borrowings</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Current</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Borrowings</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 19%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 84px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Fibesa
S.A.</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Long-term
incentive plan</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">14</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td rowspan="2" style="vertical-align: middle; width: 19%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 84px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">PAMSA</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Long-term
incentive plan</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Non-Convertible
Notes</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(24)</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 19%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 84px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">ERSA</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Long-term
incentive plan</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 84px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">NPSF</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Long-term
incentive plan</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px">
Total Subsidiaries IRSA CP</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
17</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(24)</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 19%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 84px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Irsa
International LLC</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Reimbursement
of expenses</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 84px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Real
Estate Strategies LLC (D)</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Borrowings</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">5</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px">
Total Subsidiaries TYRUS</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
6</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 84px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">New
Lipstick</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Reimbursement
of expenses</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">4</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px">
Total Associates TYRUS</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
4</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 19%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 84px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">BHSA</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px dashed #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Reimbursement
of expenses</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(1)</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px dashed #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 84px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Manibil
S.A.</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Borrowings</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">83</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px">
Total Associates</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
83</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
1</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(1)</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 84px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">CYRSA</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Borrowings</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(6)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px">
Total Joint Ventures</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(6)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 84px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Directors</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Fees</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(7)</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px">
Total Directors</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(7)</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px">
Total</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
88</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
118</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(542)</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(81)</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(30)</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(50)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Arial; font-size: 13px">22</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: center; margin-left: 0px; margin-right: 72px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 16px">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%; border-bottom: solid 1px #000000">
<!--Rule Below Paragraph--></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">The
following is a summary of the transactions with related parties for
the three-month period ended September 30, 2017:</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: bottom; width: 27%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Related party</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Leases and/or</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
rights of use</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Fees</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Corporate services</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Financial operations</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Donations</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 27%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">CRESUD</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(15)</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 27%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total Parent Company</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(15)</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 27%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">IRSA
CP</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(1)</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(7)</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 27%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Manibil
S.A</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">6</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 27%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">TYRUS</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">4</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 27%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">NFSA</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(1)</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 27%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total Subsidiaries</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(1)</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
1</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(7)</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
9</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 27%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">PAMSA</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(1)</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 27%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total Subsidiaries IRSA CP</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(1)</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 27%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Estudio
Zang, Bergel &amp; Vi&#xF1;es</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(1)</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 27%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Fundaci&#xF3;n
IRSA</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(4)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 27%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total Other related parties</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(1)</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(4)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 27%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Senior
Management</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(1)</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 27%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Directors</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(9)</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 27%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total Directors and Senior Management</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(10)</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 27%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(1)</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(10)</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(22)</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
8</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(4)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">The
following is a summary of the transactions with related parties for
the three-month period ended September 30, 2016
(recast):</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: bottom; width: 26%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Related party</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Leases and/or</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
rights of use</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Fees</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Corporate services</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Financial operations</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Donations</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 26%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">CRESUD</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(12)</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 26%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total Parent Company</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(12)</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 26%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">IRSA
CP</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(1)</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(7)</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(3)</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 26%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Ritelco
S.A.</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(1)</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 26%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">NFSA</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(1)</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 26%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total Subsidiaries</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(1)</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
1</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(7)</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(5)</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 26%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">BACS</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">8</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 26%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total Associates</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
8</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 26%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">CYRSA</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(1)</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 26%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total Joint Ventures</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(1)</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 26%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Estudio
Zang, Bergel &amp; Vi&#xF1;es</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(1)</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 26%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Fundaci&#xF3;n
IRSA</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(1)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 26%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total Other related parties</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(1)</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(1)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 26%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Senior
Management</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(1)</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 26%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Directors</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(6)</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 26%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total Directors and Senior Management</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(7)</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 26%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(1)</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(7)</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(19)</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -2px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(1)</font></div>
</td>
</tr></table>
</div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Arial; font-size: 13px">23</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: center; margin-left: 0px; margin-right: 21px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 16px">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%; border-bottom: solid 1px #000000">
<!--Rule Below Paragraph--></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 48px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 36px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">23.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Foreign
currency assets and liabilities</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: -1px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">Book
amounts of foreign currency assets and liabilities are as
follows:</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: bottom; width: 34%; border-left: 2.25pt double #000000; border-top: 2.25pt double #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Item (3)</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.75pt solid #000000; border-top: 2.25pt double #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Amount (1)</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-left: 0.75pt solid #000000; border-top: 2.25pt double #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Foreign exchange rate (2)</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.75pt solid #000000; border-top: 2.25pt double #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total as of</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
09.30.17</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-left: 0.75pt solid #000000; border-top: 2.25pt double #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Amount (1)</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.75pt solid #000000; border-top: 2.25pt double #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Foreign exchange rate (2)</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-left: 0.75pt solid #000000; border-right: 2.25pt double #000000; border-top: 2.25pt double #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total as of</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
06.30.17</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 34%; border-left: 2.25pt double rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Assets</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.75pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-left: 0.75pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.75pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-left: 0.75pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.75pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-left: 0.75pt solid #000000; border-right: 2.25pt double #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 34%; border-left: 2.25pt double rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Trade and other receivables</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.75pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-left: 0.75pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.75pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-left: 0.75pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.75pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-left: 0.75pt solid #000000; border-right: 2.25pt double #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 34%; border-left: 2.25pt double #000000">
<div style="text-align: left; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">US
Dollar</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.75pt solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">10.40</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-left: 0.75pt solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">17.21</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.75pt solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">179</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-left: 0.75pt solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">6.94</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.75pt solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">16.53</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-left: 0.75pt solid #000000; border-right: 2.25pt double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">115</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 34%; border-left: 2.25pt double #000000">
<div style="text-align: left; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Receivables with related parties</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.75pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-left: 0.75pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.75pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-left: 0.75pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.75pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-left: 0.75pt solid #000000; border-right: 2.25pt double #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 34%; border-left: 2.25pt double #000000">
<div style="text-align: left; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">US
Dollar</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.75pt solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">8.61</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-left: 0.75pt solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">17.31</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">149</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-left: 0.75pt solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">10.57</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.75pt solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">16.63</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-left: 0.75pt solid #000000; border-right: 2.25pt double #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">176</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 34%; border-left: 2.25pt double #000000">
<div style="text-align: left; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total Trade and other receivables</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.75pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-left: 0.75pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
328</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-left: 0.75pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.75pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-left: 0.75pt solid #000000; border-right: 2.25pt double #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
291</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 34%; border-left: 2.25pt double rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Investments in financial assets</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.75pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-left: 0.75pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.75pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-left: 0.75pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.75pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-left: 0.75pt solid #000000; border-right: 2.25pt double #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 34%; border-left: 2.25pt double #000000">
<div style="text-align: left; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">US
Dollar</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.75pt solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">0.12</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-left: 0.75pt solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">17.21</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">2</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-left: 0.75pt solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1.75</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.75pt solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">16.53</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-left: 0.75pt solid #000000; border-right: 2.25pt double #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">29</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 34%; border-left: 2.25pt double #000000">
<div style="text-align: left; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total Investments in financial assets</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.75pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-left: 0.75pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-left: 0.75pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.75pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-left: 0.75pt solid #000000; border-right: 2.25pt double #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
29</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 34%; border-left: 2.25pt double rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Cash and cash equivalents</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.75pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-left: 0.75pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.75pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-left: 0.75pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.75pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-left: 0.75pt solid #000000; border-right: 2.25pt double #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 34%; border-left: 2.25pt double #000000">
<div style="text-align: left; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">US
Dollar</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.75pt solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">4.13</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-left: 0.75pt solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">17.21</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.75pt solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">71</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-left: 0.75pt solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1.04</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.75pt solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">16.53</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-left: 0.75pt solid #000000; border-right: 2.25pt double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">17</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 34%; border-left: 2.25pt double #000000">
<div style="text-align: left; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Euros</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.75pt solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">0.1</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-left: 0.75pt solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">20.29</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">2</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-left: 0.75pt solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">0.07</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.75pt solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">18.84</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-left: 0.75pt solid #000000; border-right: 2.25pt double #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 34%; border-left: 2.25pt double #000000">
<div style="text-align: left; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total Cash and cash equivalents</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.75pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-left: 0.75pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
73</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-left: 0.75pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.75pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-left: 0.75pt solid #000000; border-right: 2.25pt double #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
18</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 34%; border-left: 2.25pt double #000000">
<div style="text-align: left; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total Assets as of 09.30.17</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.75pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-left: 0.75pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
403</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-left: 0.75pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.75pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-left: 0.75pt solid #000000; border-right: 2.25pt double #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 34%; border-left: 2.25pt double #000000">
<div style="text-align: left; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total Assets as of 06.30.17</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.75pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-left: 0.75pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-left: 0.75pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.75pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-left: 0.75pt solid #000000; border-right: 2.25pt double #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
338</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 34%; border-left: 2.25pt double rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Liabilities</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.75pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-left: 0.75pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.75pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-left: 0.75pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.75pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-left: 0.75pt solid #000000; border-right: 2.25pt double #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 34%; border-left: 2.25pt double rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Trade and other payables</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.75pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-left: 0.75pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.75pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-left: 0.75pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.75pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-left: 0.75pt solid #000000; border-right: 2.25pt double #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 34%; border-left: 2.25pt double #000000">
<div style="text-align: left; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">US
Dollar</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.75pt solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">4.91</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-left: 0.75pt solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">17.31</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.75pt solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">85</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-left: 0.75pt solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">4.54</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.75pt solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">16.63</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-left: 0.75pt solid #000000; border-right: 2.25pt double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">76</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 34%; border-left: 2.25pt double #000000">
<div style="text-align: left; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Payables with related parties</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.75pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-left: 0.75pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-left: 0.5pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.75pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-left: 0.75pt solid #000000; border-right: 2.25pt double #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 34%; border-left: 2.25pt double #000000">
<div style="text-align: left; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">US
Dollar</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.75pt solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">3.70</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-left: 0.75pt solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">17.31</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">64</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">2.28</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.75pt solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">16.63</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-left: 0.75pt solid #000000; border-right: 2.25pt double #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">38</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 34%; border-left: 2.25pt double #000000">
<div style="text-align: left; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total Trade and other payables</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.75pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-left: 0.75pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
149</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-left: 0.5pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.75pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-left: 0.75pt solid #000000; border-right: 2.25pt double #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
114</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 34%; border-left: 2.25pt double rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Borrowings</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.75pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-left: 0.75pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.75pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-left: 0.75pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.75pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-left: 0.75pt solid #000000; border-right: 2.25pt double #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 34%; border-left: 2.25pt double #000000">
<div style="text-align: left; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">US
Dollar</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.75pt solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">306.70</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-left: 0.75pt solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">17.31</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.75pt solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">5,309</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-left: 0.75pt solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">308.69</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.75pt solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">16.63</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-left: 0.75pt solid #000000; border-right: 2.25pt double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">5,134</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 34%; border-left: 2.25pt double #000000">
<div style="text-align: left; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Borrowings with related parties</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.75pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-left: 0.75pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.75pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-left: 0.75pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.75pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-left: 0.75pt solid #000000; border-right: 2.25pt double #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 34%; border-left: 2.25pt double #000000">
<div style="text-align: left; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">US
Dollar</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.75pt solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1.96</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-left: 0.75pt solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">17.31</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">34</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-left: 0.75pt solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">2.05</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.75pt solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">16.63</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-left: 0.75pt solid #000000; border-right: 2.25pt double #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">33</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 34%; border-left: 2.25pt double #000000">
<div style="text-align: left; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total Borrowings</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.75pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-left: 0.75pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
5,343</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-left: 0.75pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.75pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-left: 0.75pt solid #000000; border-right: 2.25pt double #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
5,167</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 34%; border-left: 2.25pt double #000000">
<div style="text-align: left; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total Liabilities as of 09.30.17</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.75pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-left: 0.75pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
5,492</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-left: 0.75pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.75pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-left: 0.75pt solid #000000; border-right: 2.25pt double #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 34%; border-left: 2.25pt double #000000; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Total Liabilities as of 06.30.17</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.75pt solid #000000; border-bottom: 4px double #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-left: 0.75pt solid #000000; border-bottom: 4px double #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.75pt solid #000000; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-left: 0.75pt solid #000000; border-bottom: 4px double #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.75pt solid #000000; border-bottom: 4px double #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-left: 0.75pt solid #000000; border-right: 2.25pt double #000000; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
5,281</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 7px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 19px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(1)</font></div>
<div style="text-align: justify; display: table-cell"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Considering
foreign currencies those that differ from Group&#x2019;s functional
currency at each period / year.</font></div>
</div>
</div>
<div style="margin-left: 7px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 19px">
<font style="font-size: 13px; font-family: Times New Roman">(2)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Exchange rate as of
September 30, 2017 and June 30, 2017 according to Banco Naci&#xF3;n
Argentina records.</font></div>
</div>
</div>
<div style="margin-left: 7px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 19px">
<font style="font-family: Times New Roman; font-size: 13px">(3)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">The Company uses
derivative instruments as complement in order to reduce its
exposure to exchange rate movements (See Note 13 to the Annual
Financial Statements).</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Arial; font-size: 13px">24</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: center; margin-left: 0px; margin-right: 21px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 16px">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%; border-bottom: solid 1px #000000">
<!--Rule Below Paragraph--></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="margin-left: 60px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">24.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">CNV
General Resolution N&#xB0; 622/13</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: -1px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">As
required by Section 1&#xB0;, Chapter III, Title IV of CNV General
Resolution N&#xB0; 622/13, 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></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Exhibit
A - Property, plant and equipment</font></div>
</td>
<td style="vertical-align: bottom; width: 56%">
<div style="text-align: justify; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Note 7
Investment properties and Note 8 Property, plant and
equipment</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Exhibit
B - Intangible assets</font></div>
</td>
<td style="vertical-align: top; width: 56%">
<div style="text-align: justify; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Note 10
Intangible assets</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Exhibit
C - Equity investments</font></div>
</td>
<td style="vertical-align: top; width: 56%">
<div style="text-align: left; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Note 6
Information about the main subsidiaries, associates and joint
ventures</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Exhibit
D - Other investments</font></div>
</td>
<td style="vertical-align: top; width: 56%">
<div style="text-align: justify; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Note 11
Financial instruments by category</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Exhibit
E - Provisions</font></div>
</td>
<td style="vertical-align: bottom; width: 56%">
<div style="text-align: justify; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Note 12
Trade and other receivables and Note 17 Provisions</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 36px; margin-right: -5px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Exhibit
F - Cost of sales and services provided</font></div>
</td>
<td style="vertical-align: top; width: 56%">
<div style="text-align: justify; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Note 9
Trading properties and Note 19 Expenses by nature</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Exhibit
G - Foreign currency assets and liabilities</font></div>
</td>
<td style="vertical-align: top; width: 56%">
<div style="text-align: justify; margin-left: 36px; margin-right: -1px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Note 23
Foreign currency assets and liabilities</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 60px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">25.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">CNV
General Resolution N&#xB0; 629/14 &#x2013; Storage of
documentation</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">On
August 14, 2014, the CNV issued General Resolution N&#xB0; 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 to the following providers:</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 28%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Storage of documentation responsible</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 70%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Location</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td rowspan="5" style="vertical-align: top; width: 28%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Iron
Mountain Argentina S.A.</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Av.
Amancio Alcorta 2482, Autonomous City of Buenos Aires</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Pedro
de Mendoza 2143, Autonomous City of Buenos Aires</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Saraza
6135, Autonomous City of Buenos Aires</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Azara
1245, Autonomous City of Buenos Aires</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 70%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Pol&#xED;gono
industrial Spegazzini, Autopista Ezeiza Km 45, Ca&#xF1;uelas,
Province of Buenos Aires</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 28%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 70%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Ca&#xF1;ada
de G&#xF3;mez 3825, Autonomous City of Buenos Aires</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">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></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">On
February 5, 2014 there was a widely known fire in Iron
Mountain&#x2019;s warehouse. Such company is a supplier of the
Company and Company&#x2019;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></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 60px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">26.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Subsequent
events</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">See
subsequent events in Note 29 to Unaudited Condensed Interim
Consolidated Financial Statements.</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Arial; font-size: 13px">25</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 16px">
IRSA Inversiones y Representaciones Sociedad
An&#xF3;nima</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Information
required by Section 68 of the Buenos Aires Stock Exchange
Regulations and Section 12,</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Chapter
III, Title IV of the National Securities Commission
Regulations</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Statement of
Financial Position as of September 30, 2017</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Stated
in millions of Argentine pesos</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Free
translation from the original prepared in Spanish for publication
in Argentina</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 36px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">1.</font></div>
<div style="text-align: justify; display: table-cell"><font style="text-decoration: underline; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Specific and significant systems that imply contingent lapsing or
rebirth of benefits envisaged by such provisions.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 84px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">None.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 36px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">2.</font></div>
<div style="text-align: justify; display: table-cell"><font style="text-decoration: underline; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Significant changes in the Company&#xB4;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></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 84px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">See
Note 2.1.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 36px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">3.</font></div>
<div style="text-align: justify; display: table-cell"><font style="text-decoration: underline; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Receivables and liabilities by maturity date.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td colspan="2" rowspan="2" style="vertical-align: middle; width: 22%; border-left: 2.25pt double #000000; border-top: 2.25pt double #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Items</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-left: 0.75pt solid #000000; border-top: 2.25pt double #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Past
due</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-left: 0.75pt solid #000000; border-top: 2.25pt double #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Without
term</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-left: 0.75pt solid #000000; border-top: 2.25pt double #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Without
term</font></div>
</td>
<td colspan="8" style="vertical-align: bottom; width: 51%; border-left: 2.25pt double #000000; border-top: 2.25pt double #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">To
be due</font></div>
</td>
<td rowspan="2" style="vertical-align: bottom; width: 6%; border-left: 0.75pt solid #000000; border-right: 2.25pt double #000000; border-top: 2.25pt double #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Total</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 7%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">09.30.17</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Current</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Non-current</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-left: 2.25pt double #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Up
to 3 months</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">From
3 to 6</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">months</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">From
6 to 9</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">months</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">From
9 to 12</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">months</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">From
1 to 2</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">years</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">From
2 to 3</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">years</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">From
3 to 4</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">years</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">From
4 years</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">on</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 5%; border-left: 2.25pt double #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Accounts
receivables</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Trade
and other receivables</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">473</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">28</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-left: 2.25pt double #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">49</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">10</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">4</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">87</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">148</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">39</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">6</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-left: 0.75pt solid #000000; border-right: 2.25pt double #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">844</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 5%; border-left: 2.25pt double #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Total</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">473</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">28</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-left: 2.25pt double #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">49</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">10</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">4</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">87</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">148</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">39</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">6</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-left: 0.75pt solid #000000; border-right: 2.25pt double #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">844</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 5%; border-left: 2.25pt double #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Liabilities</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Trade
and other payables</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">32</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-left: 2.25pt double #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">88</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">4</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">8</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">837</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-left: 0.75pt solid #000000; border-right: 2.25pt double #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">970</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 5%; border-left: 2.25pt double #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Borrowings</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-left: 2.25pt double #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">430</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">57</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">221</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">51</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">3,765</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1,430</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">209</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">90</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-left: 0.75pt solid #000000; border-right: 2.25pt double #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">6,253</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 5%; border-left: 2.25pt double #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Salaries
and social security liabilities</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-left: 2.25pt double #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-left: 0.75pt solid #000000; border-right: 2.25pt double #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 5%; border-left: 2.25pt double #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Provisions</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">4</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">35</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-left: 2.25pt double #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-left: 0.75pt solid #000000; border-right: 2.25pt double #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">39</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 5%; border-left: 2.25pt double #000000; border-bottom: 4px double #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-left: 0.75pt solid #000000; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Total</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-left: 0.75pt solid #000000; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">32</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-left: 0.75pt solid #000000; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">5</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-left: 0.75pt solid #000000; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">35</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-left: 2.25pt double #000000; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">518</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-left: 0.75pt solid #000000; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">57</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-left: 0.75pt solid #000000; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">221</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-left: 0.75pt solid #000000; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">55</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-left: 0.75pt solid #000000; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">3,773</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-left: 0.75pt solid #000000; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">2,267</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-left: 0.75pt solid #000000; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">209</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-left: 0.75pt solid #000000; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">91</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-left: 0.75pt solid #000000; border-right: 2.25pt double #000000; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">7,263</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Arial; font-size: 13px">26</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 16px">
IRSA Inversiones y Representaciones Sociedad
An&#xF3;nima</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Information
required by Section 68 of the Buenos Aires Stock Exchange
Regulations and Section 12,</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Chapter
III, Title IV of the National Securities Commission
Regulations</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Statement of
Financial Position as of September 30, 2017</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Stated
in millions of Argentine pesos</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Free
translation from the original prepared in Spanish for publication
in Argentina</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 84px; margin-right: 0px; text-indent: -48px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">4.a.&#xA0;<font style="text-decoration: underline">Breakdown
of accounts receivable and liabilities by maturity and
currency.</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td colspan="2" rowspan="3" style="vertical-align: bottom; width: 26%; border-left: 2.25pt double #000000; border-top: 2.25pt double #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Items</font></div>
</td>
<td colspan="3" style="vertical-align: middle; width: 25%; border-left: 0.5pt solid #000000; border-top: 2.25pt double #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Current</font></div>
</td>
<td colspan="3" style="vertical-align: middle; width: 25%; border-top: 2.25pt double #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Non-current</font></div>
</td>
<td colspan="3" style="vertical-align: middle; width: 25%; border-right: 2.25pt double #000000; border-top: 2.25pt double #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Totals</font></div>
</td>
</tr><tr>
<td rowspan="2" style="vertical-align: bottom; width: 8%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Local
currency</font></div>
</td>
<td rowspan="2" style="vertical-align: bottom; width: 8%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Foreign
currency</font></div>
</td>
<td rowspan="2" style="vertical-align: bottom; width: 8%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Total</font></div>
</td>
<td rowspan="2" style="vertical-align: bottom; width: 8%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Local
currency</font></div>
</td>
<td rowspan="2" style="vertical-align: bottom; width: 8%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Foreign
currency</font></div>
</td>
<td rowspan="2" style="vertical-align: bottom; width: 8%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Total</font></div>
</td>
<td rowspan="2" style="vertical-align: bottom; width: 8%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Local
currency</font></div>
</td>
<td rowspan="2" style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Foreign
currency</font></div>
</td>
<td rowspan="2" style="vertical-align: bottom; width: 8%; border-left: 0.5pt solid #000000; border-right: 2.25pt double #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Total</font></div>
</td>
</tr><tr>
<td><br></td>
</tr><tr>
<td style="vertical-align: bottom; width: 7%; border-left: 2.25pt double #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Accounts
receivables</font></div>
</td>
<td style="vertical-align: bottom; width: 20%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Trade
and other receivables</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">387</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">264</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">651</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">129</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">64</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">193</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">516</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">328</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-right: 2.25pt double #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">844</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 7%; border-left: 2.25pt double #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 20%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Total</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">387</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">264</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">651</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">129</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">64</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">193</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">516</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">328</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-right: 2.25pt double #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">844</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 7%; border-left: 2.25pt double #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Liabilities</font></div>
</td>
<td style="vertical-align: bottom; width: 20%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Trade
and other payables</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">102</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">22</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">124</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">719</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">127</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">846</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">821</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">149</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-right: 2.25pt double #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">970</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 7%; border-left: 2.25pt double #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 20%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Borrowings</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">548</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">211</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">759</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">362</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">5,132</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">5,494</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">910</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">5,343</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-right: 2.25pt double #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">6,253</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 7%; border-left: 2.25pt double #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 20%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Salaries
and social security liabilities</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-right: 2.25pt double #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 7%; border-left: 2.25pt double #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 20%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Provisions</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">4</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">4</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">35</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">35</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">39</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-right: 2.25pt double #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">39</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 7%; border-left: 2.25pt double #000000; border-bottom: 4px double #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 20%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Total</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">655</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">233</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">888</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1,116</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">5,259</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">6,375</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1,771</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">5,492</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-right: 2.25pt double #000000; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">7,263</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 84px; margin-right: 0px; text-indent: -48px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">4.b.&#xA0;<font style="text-decoration: underline">Breakdown
of accounts receivable and liabilities by adjustment
clause.</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 156px; margin-right: 0px; text-indent: -84px;">
<font style="font-family: Times New Roman; font-size: 13px">On
September 30, 2017 there are no receivables and liabilities subject
to adjustment clause.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 84px; margin-right: 0px; text-indent: -48px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">4.c.&#xA0;<font style="text-decoration: underline">Breakdown
of accounts receivable and liabilities by interest
clause</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr style="background-color: #ffffff">
<td colspan="2" rowspan="3" style="vertical-align: bottom; width: 24%; border-left: 2.25pt double #000000; border-top: 2.25pt double #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Items</font></div>
</td>
<td colspan="4" style="vertical-align: bottom; width: 25%; border-left: 0.75pt solid #000000; border-top: 2.25pt double #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Current</font></div>
</td>
<td colspan="4" style="vertical-align: bottom; width: 26%; border-left: 0.75pt solid #000000; border-top: 2.25pt double #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Non-current</font></div>
</td>
<td colspan="2" rowspan="2" style="vertical-align: bottom; width: 13%; border-left: 0.75pt solid #000000; border-top: 2.25pt double #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Accruing
interest</font></div>
</td>
<td rowspan="3" style="vertical-align: bottom; width: 7%; border-left: 0.75pt solid #000000; border-top: 2.25pt double #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Non-</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Accruing
interest</font></div>
</td>
<td rowspan="3" style="vertical-align: bottom; width: 6%; border-left: 0.75pt solid #000000; border-right: 2.25pt double #000000; border-top: 2.25pt double #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Total</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td colspan="2" style="vertical-align: bottom; width: 11%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Accruing
interest</font></div>
</td>
<td rowspan="2" style="vertical-align: bottom; width: 7%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Non-accruing
interest</font></div>
</td>
<td rowspan="2" style="vertical-align: bottom; width: 7%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Total</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 13%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Accruing
interest</font></div>
</td>
<td rowspan="2" style="vertical-align: bottom; width: 8%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Non-accruing
interest</font></div>
</td>
<td rowspan="2" style="vertical-align: bottom; width: 5%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Total</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 5%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Fixed
rate</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Floating
rate</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Fixed
rate</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Floating
rate</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Fixed
rate</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Floating
rate</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 6%; border-left: 2.25pt double #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Accounts
receivables</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Trade
and other receivables</font></div>
</td>
<td style="vertical-align: bottom; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">36</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">88</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">527</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">651</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">64</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">3</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">126</font></div>
</td>
<td style="vertical-align: bottom; width: 5%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">193</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">100</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">91</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">653</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-right: 2.25pt double #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">844</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 6%; border-left: 2.25pt double #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Total</font></div>
</td>
<td style="vertical-align: bottom; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">36</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">88</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">527</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">651</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">64</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">3</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">126</font></div>
</td>
<td style="vertical-align: bottom; width: 5%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">193</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">100</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">91</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">653</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-right: 2.25pt double #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">844</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 6%; border-left: 2.25pt double #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Liabilities</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Trade
and other payables</font></div>
</td>
<td style="vertical-align: bottom; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">124</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">124</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">2</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">844</font></div>
</td>
<td style="vertical-align: bottom; width: 5%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">846</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">2</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">968</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-right: 2.25pt double #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">970</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 6%; border-left: 2.25pt double #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Borrowings</font></div>
</td>
<td style="vertical-align: bottom; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">288</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">401</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">70</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">759</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">5,106</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">385</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">3</font></div>
</td>
<td style="vertical-align: bottom; width: 5%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">5,494</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">5,394</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">786</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">73</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-right: 2.25pt double #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">6,253</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 6%; border-left: 2.25pt double #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Salaries
and social security liabilities</font></div>
</td>
<td style="vertical-align: bottom; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 5%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-right: 2.25pt double #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 6%; border-left: 2.25pt double #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Provisions</font></div>
</td>
<td style="vertical-align: bottom; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">4</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">4</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">35</font></div>
</td>
<td style="vertical-align: bottom; width: 5%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">35</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">39</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-right: 2.25pt double #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">39</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 6%; border-left: 2.25pt double #000000; border-bottom: 4px double #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Total</font></div>
</td>
<td style="vertical-align: bottom; width: 5%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">288</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-left: 0.75pt solid #000000; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">401</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">199</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-left: 0.75pt solid #000000; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">888</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-left: 0.75pt solid #000000; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">5,108</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">385</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">882</font></div>
</td>
<td style="vertical-align: bottom; width: 5%; border-left: 0.75pt solid #000000; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">6,375</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-left: 0.75pt solid #000000; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">5,396</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-left: 0.75pt solid #000000; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">786</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-left: 0.75pt solid #000000; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1,081</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-right: 2.25pt double #000000; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">7,263</font></div>
</td>
</tr></table>
</div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Arial; font-size: 13px">27</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 16px">
IRSA Inversiones y Representaciones Sociedad
An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%; border-bottom: solid 1px #000000">
<!--Rule Below Paragraph--></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Information
required by Section 68 of the Buenos Aires Stock Exchange
Regulations and Section 12,</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Chapter
III, Title IV of the National Securities Commission
Regulations</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Statement of
Financial Position as of September 30, 2017</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Stated
in millions of Argentine pesos</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Free
translation from the original prepared in Spanish for publication
in Argentina</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 84px; margin-right: 7px; text-indent: -48px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">5.&#xA0;<font style="text-decoration: underline">Related
parties.</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 84px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 12px">
<font style="font-family: Times New Roman; font-size: 13px">a.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Interest in related
parties:</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: bottom; width: 71%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Name of
the entity</font></div>
</td>
<td style="vertical-align: bottom; width: 29%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">% of
ownership interest held by the Group</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 71%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Direct
Controlling interest of IRSA:</font></div>
</td>
<td style="vertical-align: bottom; width: 29%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 71%">
<div style="text-align: left; margin-left: 48px; margin-right: -2px; text-indent: -12px;">
<font style="font-family: Times New Roman; font-size: 13px">IRSA
CP</font></div>
</td>
<td style="vertical-align: bottom; width: 29%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">94.41%</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 71%">
<div style="text-align: left; margin-left: 48px; margin-right: -2px; text-indent: -12px;">
<font style="font-family: Times New Roman; font-size: 13px">Ecommerce Latina
S.A.</font></div>
</td>
<td style="vertical-align: bottom; width: 29%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">96.74%</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 71%">
<div style="text-align: left; margin-left: 48px; margin-right: -2px; text-indent: -12px;">
<font style="font-family: Times New Roman; font-size: 13px">Efanur
S.A.</font></div>
</td>
<td style="vertical-align: bottom; width: 29%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">100.00%</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 71%">
<div style="text-align: left; margin-left: 48px; margin-right: -2px; text-indent: -12px;">
<font style="font-family: Times New Roman; font-size: 13px">Hoteles
Argentinos S.A.</font></div>
</td>
<td style="vertical-align: bottom; width: 29%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">80.00%</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 71%">
<div style="text-align: left; margin-left: 48px; margin-right: -2px; text-indent: -12px;">
<font style="font-family: Times New Roman; font-size: 13px">Inversora
Bol&#xED;var S.A.</font></div>
</td>
<td style="vertical-align: bottom; width: 29%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">95.13%</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 71%">
<div style="text-align: left; margin-left: 48px; margin-right: -2px; text-indent: -12px;">
<font style="font-family: Times New Roman; font-size: 13px">Llao
Llao Resorts S.A.</font></div>
</td>
<td style="vertical-align: bottom; width: 29%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">50.00%</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 71%">
<div style="text-align: left; margin-left: 48px; margin-right: -2px; text-indent: -12px;">
<font style="font-family: Times New Roman; font-size: 13px">Nuevas
Fronteras S.A.</font></div>
</td>
<td style="vertical-align: bottom; width: 29%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">76.34%</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 71%">
<div style="text-align: left; margin-left: 48px; margin-right: -2px; text-indent: -12px;">
<font style="font-family: Times New Roman; font-size: 13px">Palermo
Invest S.A.</font></div>
</td>
<td style="vertical-align: bottom; width: 29%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">97.00%</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 71%">
<div style="text-align: left; margin-left: 48px; margin-right: -2px; text-indent: -12px;">
<font style="font-family: Times New Roman; font-size: 13px">Ritelco
S.A.</font></div>
</td>
<td style="vertical-align: top; width: 29%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">100.00%</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 71%">
<div style="text-align: left; margin-left: 48px; margin-right: -2px; text-indent: -12px;">
<font style="font-family: Times New Roman; font-size: 13px">Tyrus
S.A.</font></div>
</td>
<td style="vertical-align: top; width: 29%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">100.00%</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 84px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-family: Times New Roman; font-size: 13px">b.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Related parties
debit/credit balances. See Note 22 to the Unaudited Condensed
Interim Separate Financial Statements.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 36px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
6.</font></div>
<div style="text-align: justify; display: table-cell"><font style="text-decoration: underline; color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Loans to Directors.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 84px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">See
Note 25 to the Unaudited Condensed Interim Separate Financial
Statements.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 36px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
7.</font></div>
<div style="text-align: justify; display: table-cell"><font style="text-decoration: underline; color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Physical inventory.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 84px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">In
view of the nature of the inventories, no physical inventories are
performed and there are no slow turnover assets.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 36px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
8.</font></div>
<div style="text-align: justify; display: table-cell"><font style="text-decoration: underline; color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Current values.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 84px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">See
Notes 6, 7, 8 and 10 to the Unaudited Condensed Interim Separate
Financial Statements.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 36px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 12px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
9.</font></div>
<div style="text-align: justify; display: table-cell"><font style="text-decoration: underline; color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Appraisal revaluation of property, plant and
equipment.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 84px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">None.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Arial; font-size: 13px">28</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 16px">
IRSA Inversiones y Representaciones Sociedad
An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%; border-bottom: solid 1px #000000">
<!--Rule Below Paragraph--></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Information
required by Section 68 of the Buenos Aires Stock Exchange
Regulations and Section 12,</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Chapter
III, Title IV of the National Securities Commission
Regulations</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Statement of
Financial Position as of September 30, 2017</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Stated
in millions of Argentine pesos</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Free
translation from the original prepared in Spanish for publication
in Argentina</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 36px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 12px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
10.</font></div>
<div style="text-align: justify; display: table-cell"><font style="text-decoration: underline; color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Obsolete unused property, plant and equipment.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 84px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">None.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 36px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
11.</font></div>
<div style="text-align: justify; display: table-cell"><font style="text-decoration: underline; color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Equity interest in other companies in excess of that permitted by
section 31 of law N&#xB0; 19,550.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 84px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">None.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 36px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 12px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
12.</font></div>
<div style="text-align: justify; display: table-cell"><font style="text-decoration: underline; color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Recovery values.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 84px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">See
Notes 6, 7, 8 and 10 to the Unaudited Condensed Interim Separate
Financial Statements.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 36px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
13.</font></div>
<div style="text-align: justify; display: table-cell"><font style="text-decoration: underline; color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Insurances.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 84px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Insured
Assets.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: middle; width: 20%; border-left: 2.25pt double #000000; border-top: 2.25pt double #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Real
Estate</font></div>
</td>
<td style="vertical-align: middle; width: 17%; border-left: 0.75pt solid #000000; border-top: 2.25pt double #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Insured</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">amounts
(1)</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-left: 0.75pt solid #000000; border-top: 2.25pt double #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Accounting
values</font></div>
</td>
<td style="vertical-align: middle; width: 47%; border-left: 0.75pt solid #000000; border-right: 2.25pt double #000000; border-top: 2.25pt double #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Risk
covered</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 20%; border-left: 2.25pt double #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Bouchard
551</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-left: 0.75pt solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 5px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">2</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-left: 0.75pt solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 5px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">57</font></div>
</td>
<td style="vertical-align: bottom; width: 47%; border-left: 0.75pt solid #000000; border-right: 2.25pt double #000000">
<div style="text-align: left; margin-left: 48px; margin-right: 10px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">All
operational risk with additional coverage and minor
risks</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 20%; border-left: 2.25pt double #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Maip&#xFA;
1300</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-left: 0.75pt solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 5px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">2</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-left: 0.75pt solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 5px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">24</font></div>
</td>
<td style="vertical-align: bottom; width: 47%; border-left: 0.75pt solid #000000; border-right: 2.25pt double #000000">
<div style="text-align: left; margin-left: 48px; margin-right: 10px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">All
operational risk with additional coverage and minor
risks</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 20%; border-left: 2.25pt double #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Libertador
498</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-left: 0.75pt solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 5px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">3</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-left: 0.75pt solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 5px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">97</font></div>
</td>
<td style="vertical-align: bottom; width: 47%; border-left: 0.75pt solid #000000; border-right: 2.25pt double #000000">
<div style="text-align: left; margin-left: 48px; margin-right: 10px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">All
operational risk with additional coverage and minor
risks</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 20%; border-left: 2.25pt double #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Santa
Mar&#xED;a del Plata</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-left: 0.75pt solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 5px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">0.053</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-left: 0.75pt solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 5px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">3,718</font></div>
</td>
<td style="vertical-align: bottom; width: 47%; border-left: 0.75pt solid #000000; border-right: 2.25pt double #000000">
<div style="text-align: left; margin-left: 48px; margin-right: 10px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">All
operational risk with additional coverage and minor
risks</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 20%; border-left: 2.25pt double #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Casona
Abril</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-left: 0.75pt solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 5px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">4</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-left: 0.75pt solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 5px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">5</font></div>
</td>
<td style="vertical-align: bottom; width: 47%; border-left: 0.75pt solid #000000; border-right: 2.25pt double #000000">
<div style="text-align: left; margin-left: 48px; margin-right: 10px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">All
operational risk with additional coverage and minor
risks</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 20%; border-left: 2.25pt double #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Catalinas
Norte plot of land</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 5px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">2</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 5px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">701</font></div>
</td>
<td style="vertical-align: bottom; width: 47%; border-left: 0.75pt solid #000000; border-right: 2.25pt double #000000">
<div style="text-align: left; margin-left: 48px; margin-right: 10px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">All
operational risk with additional coverage and minor
risks</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 20%; border-left: 2.25pt double #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Subtotal</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 5px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">13</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 5px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">4,602</font></div>
</td>
<td style="vertical-align: bottom; width: 47%; border-left: 0.75pt solid #000000; border-right: 2.25pt double #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 20%; border-left: 2.25pt double #000000; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Single
policy</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-left: 0.75pt solid #000000; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 5px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">15,000</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-left: 0.75pt solid #000000; border-bottom: 4px double #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 47%; border-left: 0.75pt solid #000000; border-right: 2.25pt double #000000; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 48px; margin-right: 5px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Third
party liability</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-family: Times New Roman; font-size: 13px">(1)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">The insured amounts
are in US Dollars.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">In our
opinion, the above-described insurance policies cover current risks
adequately.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Arial; font-size: 13px">29</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 16px">
IRSA Inversiones y Representaciones Sociedad
An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%; border-bottom: solid 1px #000000">
<!--Rule Below Paragraph--></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Information
required by Section 68 of the Buenos Aires Stock Exchange
Regulations and Section 12,</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Chapter
III, Title IV of the National Securities Commission
Regulations</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Statement of
Financial Position as of September 30, 2017</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Stated
in millions of Argentine pesos</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Free
translation from the original prepared in Spanish for publication
in Argentina</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 36px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
14.</font></div>
<div style="text-align: justify; display: table-cell"><font style="text-decoration: underline; color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Allowances and provisions that, taken individually or as a whole,
exceed 2% of the shareholder&#xB4;s equity.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 84px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">None.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 36px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
15.</font></div>
<div style="text-align: justify; display: table-cell"><font style="text-decoration: underline; color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Contingent situations at the date of the financial statements which
probabilities are not remote and the effects on the Company&#xB4;s
financial position have not been recognized.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 84px; margin-right: 0px; text-indent: 12px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Not
applicable.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 36px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
16.</font></div>
<div style="text-align: justify; display: table-cell"><font style="text-decoration: underline; color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Status of the proceedings leading to the capitalization of
irrevocable contributions towards future
subscriptions.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 84px; margin-right: 0px; text-indent: 12px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Not
applicable.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 36px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
17.</font></div>
<div style="text-align: justify; display: table-cell"><font style="text-decoration: underline; color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Unpaid accumulated dividends on preferred shares.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 84px; margin-right: 0px; text-indent: 12px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">None.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 36px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
18.</font></div>
<div style="text-align: justify; display: table-cell"><font style="text-decoration: underline; color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Restrictions on distributions of profits.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">According
to the Argentine law, 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></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">In
addition, according to CNV General Resolution N&#xB0; 609/12, a
special reserve was constituted which could not be released to make
distributions in cash or in kind. See Note 17 to the Unaudited
Condensed Interim Consolidated Financial Statements.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">IRSA
NCN due 2017, 2019 and 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></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Autonomous
City of Buenos Aires November 8, 2017.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Arial; font-size: 13px">30</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
REVIEW REPORT ON THE UNAUDITED CONDENSED</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
INTERIM SEPARATE FINANCIAL STATEMENTS</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">To the
Shareholders, President and Directors of</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
IRSA Inversiones y Representaciones Sociedad
An&#xF3;nima</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Legal
address: Bolivar 108 &#x2013; 1&#xB0; floor</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Autonomous
City Buenos Aires</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Tax
Code No. 30-52532274-9</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Introduction</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">We have
reviewed the unaudited condensed interim separate financial
statements of IRSA Inversiones y Representaciones Sociedad
An&#xF3;nima (hereinafter &#x201C;the Company&#x201D;) which included
the unaudited condensed interim separate statement of financial
position as of September 30, 2017, and the unaudited condensed
interim separate statements of income and comprehensive income for
the three-month period ended September 30, 2017, the unaudited
condensed interim separate statements of changes in
shareholders&#x2019; equity and the unaudited condensed interim
separate statements of cash flows for the three-month period then
ended and selected explanatory notes.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
balances and other information corresponding to the fiscal year
ended June 30, 2017 and the interim periods within that fiscal year
are an integral part of these financial statements and, therefore,
they should be considered in relation to those financial
statements.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Management responsibility</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
Board of Directors of the Company is responsible for the
preparation and presentation of these unaudited condensed interim
separate financial statements in accordance with the International
Financial Reporting Standards (IFRS), adopted by the Argentine
Federation of Professional Councils in Economic Sciences (FACPCE)
as professional accounting standards and added by the National
Securities Commission (CNV) to its regulations, as approved by the
International Accounting Standard Board (IASB) and, for this
reason, is responsible for the preparation and presentation of the
unaudited condensed interim separate financial statements above
mentioned in the first paragraph according to the International
Accounting Standard No 34 "Interim Financial Reporting" (IAS
34).</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
REVIEW REPORT ON THE UNAUDITED CONDENSED</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
INTERIM SEPARATE FINANCIAL STATEMENTS (Continued)</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Scope of our review</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
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 the separate
statement of cash flows of the Company.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Conclusion</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">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 first paragraph of this report
have not been prepared in all material respects in accordance with
International Accounting Standard 34.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Report on compliance with current regulations</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">In
accordance with current regulations, we report about IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima
that:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 36px">
<font style="font-family: Times New Roman; font-size: 13px">a)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">the unaudited
condensed interim separate financial statements of IRSA Inversiones
y Representaciones Sociedad An&#xF3;nima are being processed for
recording in the "Inventory and Balance Sheet Book", and comply, as
regards 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></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 36px">
<font style="font-family: Times New Roman; font-size: 13px">b)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">the unaudited
condensed interim separate financial statements of IRSA Inversiones
y Representaciones Sociedad An&#xF3;nima arise from accounting
records carried in all formal respects in accordance with
applicable legal provisions;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
REVIEW REPORT ON THE UNAUDITED CONDENSED</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
INTERIM SEPARATE FINANCIAL STATEMENTS (Continued)</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 36px">
<font style="font-family: Times New Roman; font-size: 13px">c)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">we have read the
additional information to the notes to the unaudited condensed
interim separate statements required by section 12 of Chapter III
Title IV of the text of the National Securities Commission, on
which, as regards those matters that are within our competence, we
have no observations to make;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 36px">
<font style="font-family: Times New Roman; font-size: 13px">d)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">at September
30,&#xA0;2017, the debt of IRSA Inversiones y Representaciones
Sociedad An&#xF3;nima owed in favor of the Argentina Integrated
Pension System which arises from accounting records amounted to
Ps.&#xA0;69,706, which was not claimable at that date.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Autonomous
City of Buenos Aires, November 8, 2017.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 40%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">PRICE
WATERHOUSE &amp; CO. S.R.L.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;(Partner)</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #333333; font-family: Times New Roman; font-size: 13px">
C.P.C.E.C.A.B.A. T&#xBA; 1 F&#xBA; 17</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #333333; font-family: Times New Roman; font-size: 13px">
Dr. Mariano C. Tomatis</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #333333; font-family: Times New Roman; font-size: 13px">
Public Accountant (UBA)</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #333333; font-family: Times New Roman; font-size: 13px">
C.P.C.E.C.A.B.A. T&#xBA; 241 F&#xBA; 118</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 46%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">ABELOVICH,
POLANO &amp; ASOCIADOS S.R.L.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;(Partner)</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #333333; font-family: Times New Roman; font-size: 13px">
C.P.C.E. C.A.B.A. T&#xB0; 1 F&#xB0; 30</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #333333; font-family: Times New Roman; font-size: 13px">
Marcelo H&#xE9;ctor Fuxman</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #333333; font-family: Times New Roman; font-size: 13px">
Public Accountant (UBA)</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #333333; font-family: Times New Roman; font-size: 13px">
C.P.C.E.C.A.B.A. T&#xB0; 134 F&#xB0; 85</font></div>
</td>
</tr></table>
</div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div><font style="font-family: Arial;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; font-size: 13px;">I. Brief comment on the
Company&#x2019;s activities during the period, including references
to significant events occurred after the end of the
period.</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(31, 73, 125); font-size: 13px;">Consolidated
Results</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 13px;">
<tr style="background-color: #365f91">
<td style="vertical-align: middle; width: 45%; border-top: 1.5pt solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(255, 255, 255); font-size: 13px;">In
ARS Million</font></font></div>
</td>
<td style="vertical-align: middle; width: 17%; border-top: 1.5pt solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(255, 255, 255); font-size: 13px;">IQ
18</font></font></div>
</td>
<td style="vertical-align: middle; width: 18%; border-top: 1.5pt solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(255, 255, 255); font-size: 13px;">IQ
17</font></font></div>
</td>
<td style="vertical-align: middle; width: 20%; border-top: 1.5pt solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(255, 255, 255); font-size: 13px;">YoY
Var</font></font></div>
</td>
</tr><tr style="background-color: #f2f2f2">
<td style="vertical-align: middle; width: 45%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Revenues</font></font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">20,213</font></font></div>
</td>
<td style="vertical-align: middle; width: 18%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">17,787</font></font></div>
</td>
<td style="vertical-align: middle; width: 20%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">13.6%</font></font></div>
</td>
</tr><tr style="background-color: #f2f2f2">
<td style="vertical-align: middle; width: 45%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Net gain from fair value
adjustment of investment properties</font></font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">3,404</font></font></div>
</td>
<td style="vertical-align: middle; width: 18%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">1,396</font></font></div>
</td>
<td style="vertical-align: middle; width: 20%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">143.8%</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 45%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Profit from
operations</font></font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">5,358</font></font></div>
</td>
<td style="vertical-align: middle; width: 18%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">2,767</font></font></div>
</td>
<td style="vertical-align: middle; width: 20%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">93.6%</font></font></div>
</td>
</tr><tr style="background-color: #f2f2f2">
<td style="vertical-align: middle; width: 45%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Depreciation and
amortization</font></font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">1,237</font></font></div>
</td>
<td style="vertical-align: middle; width: 18%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">1,113</font></font></div>
</td>
<td style="vertical-align: middle; width: 20%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">11.1%</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 45%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">EBITDA</font></font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">6,595</font></font></div>
</td>
<td style="vertical-align: middle; width: 18%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">3,880</font></font></div>
</td>
<td style="vertical-align: middle; width: 20%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">70.0%</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 45%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Adjusted
EBITDA</font></font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">3,215</font></font></div>
</td>
<td style="vertical-align: middle; width: 18%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">2,503</font></font></div>
</td>
<td style="vertical-align: middle; width: 20%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">28.4%</font></font></div>
</td>
</tr><tr style="background-color: #f2f2f2">
<td style="vertical-align: middle; width: 45%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Profit for the
period</font></font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">74</font></font></div>
</td>
<td style="vertical-align: middle; width: 18%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">344</font></font></div>
</td>
<td style="vertical-align: middle; width: 20%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">-78.5%</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 45%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Attributable to equity
holders of the parent</font></font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">553</font></font></div>
</td>
<td style="vertical-align: middle; width: 18%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">200</font></font></div>
</td>
<td style="vertical-align: middle; width: 20%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">176.5%</font></font></div>
</td>
</tr><tr style="background-color: #f2f2f2">
<td style="vertical-align: middle; width: 45%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Attributable to
non-controlling interest</font></font></div>
</td>
<td style="vertical-align: middle; width: 17%; border-bottom: 4px double #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">-479</font></font></div>
</td>
<td style="vertical-align: middle; width: 18%; border-bottom: 4px double #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">144</font></font></div>
</td>
<td style="vertical-align: middle; width: 20%; border-bottom: 4px double #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">-</font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div><font style="font-family: Arial;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Consolidated revenues from
sales, leases and services increased by 13.6% during the first
quarter of FY2018 compared to the same quarter of FY2017, whereas
adjusted EBITDA, which excludes the effect of the net gain from
fair value adjustment of investment properties, reached
ARS&#xA0;3,215 million, 28.4% higher than in the same period of
2017.</font></font></div>
<div><font style="font-family: Arial;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div><font style="font-family: Arial;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Profit for the first
quarter of fiscal year 2018 reached ARS&#xA0;74 million due to a
non-cash effect in our operations center in Israel. In September
2017, Discount Corporation (&#x201C;DIC&#x201D;), subsidiary of IDB
Development Corporation (&#x201C;IDBD&#x201D;) made a partial debt
exchange, recognizing a loss equal to the difference between the
repayment of the existing loan and the fair value of the new debt
for an approximate amount of NIS 461 million (equivalent to
ARS&#xA0;2,228 million) recorded under &#x201C;Financial
Results&#x201D; as financial costs.</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(31, 73, 125); font-size: 13px;">Operations
Center in Argentina</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 7px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; font-size: 13px;">II. Shopping Malls (through
our subsidiary IRSA Propiedades Comerciales
S.A.)</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">During the first three months of fiscal year
2018, our tenants&#x2019; sales reached ARS 9,777.7
million<font style="font-weight: bold; color: #000000; font-size: 13px">,</font> 22.5%
higher than in the same period of 2017. Our portfolio&#x2019;s
leasable area totaled 339,080 square meters during the quarter
under review, whereas the occupancy rate stood at optimum levels of
98.8%, reflecting the quality of our portfolio.</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="text-decoration: underline; font-size: 13px;">Shopping
Malls&#x2019; Financial Indicators</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-style: italic; font-size: 13px;">(in ARS
million)</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 13px;">
<tr style="background-color: #376091">
<td style="vertical-align: middle; width: 59%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(255, 255, 255); font-size: 13px;">IQ
18</font></font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(255, 255, 255); font-size: 13px;">IQ
17</font></font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(255, 255, 255); font-size: 13px;">YoY
Var</font></font></div>
</td>
</tr><tr style="background-color: #f2f2f2">
<td style="vertical-align: middle; width: 59%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">Revenues from sales, leases and
services</font></font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">850</font></font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">682</font></font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">24.3%</font></font></div>
</td>
</tr><tr style="background-color: #f2f2f2">
<td style="vertical-align: bottom; width: 59%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Net gain from fair value
adjustment of investment properties</font></font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">2,044</font></font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">886</font></font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">130.7%</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 59%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Profit from
operations</font></font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">2,685</font></font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">1,394</font></font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">92.6%</font></font></div>
</td>
</tr><tr style="background-color: #f2f2f2">
<td style="vertical-align: bottom; width: 59%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Depreciation and
amortization</font></font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">7</font></font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">5</font></font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">40.0%</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 59%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;"><font style="color: #000000">EBITDA</font><font style="font-size: 70%; vertical-align: top; color: #000000">(1)</font></font></font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">2,692</font></font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">1,399</font></font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">92.4%</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 59%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Adjusted
EBITDA</font></font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">648</font></font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">513</font></font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">26.3%</font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="text-decoration: underline; font-size: 13px;">Shopping
Malls&#x2019; Operating Indicators</font></font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-style: italic; font-size: 13px;">(in ARS million, except as
indicated)</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 13px;">
<tr style="background-color: #376091">
<td style="vertical-align: middle; width: 43%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(255, 255, 255); font-size: 13px;">IQ
18</font></font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(255, 255, 255); font-size: 13px;">IVQ
17</font></font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(255, 255, 255); font-size: 13px;">IIIQ
17</font></font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(255, 255, 255); font-size: 13px;">IIQ
17</font></font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(255, 255, 255); font-size: 13px;">IQ
17</font></font></div>
</td>
</tr><tr style="background-color: #f2f2f2">
<td style="vertical-align: middle; width: 43%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">Total leaseable area (sqm)</font></font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">339,080</font></font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">341,289</font></font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">341,289</font></font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">340,391</font></font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">337,396</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 43%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">Tenants&#x2019; sales (3 month
cumulative)</font></font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">9,777.7</font></font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">9,306.4</font></font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">7,334.8</font></font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">9,804.0</font></font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">7,983.5</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 43%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">Occupancy</font></font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">98.8%</font></font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">98.6%</font></font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">98.6%</font></font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">98.0%</font></font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">98.4%</font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">Revenues from this segment grew 24.3% during
this three-month period, whereas adjusted EBITDA, which excludes
the impact of changes in the fair value of investment properties,
reached ARS&#xA0;648.4 million (+ 26.3% compared to the same period
of 2017). The EBITDA margin was 76.3%, 1.1 pp higher than the
figure recorded in the same quarter of the previous fiscal
year.</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 14px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="text-decoration: underline; font-size: 13px;">Operating data of
our Shopping Malls</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 13px;">
<tr style="background-color: #1f497d">
<td style="vertical-align: middle; width: 21%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(255, 255, 255); font-size: 13px;">Shopping
Mall</font></font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(255, 255, 255); font-size: 13px;">Date
of Acquisition</font></font></div>
</td>
<td style="vertical-align: middle; width: 18%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; font-size: 13px;"><font style="color: #FFFFFF">Gross Leaseable Area (sqm)</font><font style="font-size: 70%; vertical-align: top; color: #FFFFFF">(1)</font></font></font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(255, 255, 255); font-size: 13px;">Stores</font></font></div>
</td>
<td style="vertical-align: middle; width: 18%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(255, 255, 255); font-size: 13px;">IRSA
Propiedades Comerciales S.A.&#x2019;s Interest</font></font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; font-size: 13px;"><font style="color: #FFFFFF">Occupancy</font><font style="font-size: 70%; vertical-align: top; color: #FFFFFF">(2)</font></font></font></div>
</td>
</tr><tr style="background-color: #f2f2f2">
<td style="vertical-align: bottom; width: 21%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Alto
Palermo</font></font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Dec-97</font></font></div>
</td>
<td style="vertical-align: middle; width: 18%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">18,945</font></font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">143</font></font></div>
</td>
<td style="vertical-align: middle; width: 18%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">100.0%</font></font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">98.8%</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 21%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;"><font style="color: #000000">Abasto
Shopping</font><font style="font-size: 70%; vertical-align: top; color: #000000">(3)</font></font></font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Nov-99</font></font></div>
</td>
<td style="vertical-align: middle; width: 18%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">36,795</font></font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">171</font></font></div>
</td>
<td style="vertical-align: middle; width: 18%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">100.0%</font></font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">99.5%</font></font></div>
</td>
</tr><tr style="background-color: #f2f2f2">
<td style="vertical-align: bottom; width: 21%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Alto
Avellaneda</font></font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Dec-97</font></font></div>
</td>
<td style="vertical-align: middle; width: 18%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">36,063</font></font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">135</font></font></div>
</td>
<td style="vertical-align: middle; width: 18%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">100.0%</font></font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">99.6%</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 21%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Alcorta
Shopping</font></font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Jun-97</font></font></div>
</td>
<td style="vertical-align: middle; width: 18%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">15,613</font></font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">113</font></font></div>
</td>
<td style="vertical-align: middle; width: 18%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">100.0%</font></font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">99.8%</font></font></div>
</td>
</tr><tr style="background-color: #f2f2f2">
<td style="vertical-align: bottom; width: 21%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Patio
Bullrich</font></font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Oct-98</font></font></div>
</td>
<td style="vertical-align: middle; width: 18%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">11,760</font></font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">91</font></font></div>
</td>
<td style="vertical-align: middle; width: 18%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">100.0%</font></font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">98.8%</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 21%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Buenos Aires
Design</font></font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Nov-97</font></font></div>
</td>
<td style="vertical-align: middle; width: 18%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">13,697</font></font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">61</font></font></div>
</td>
<td style="vertical-align: middle; width: 18%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">53.7%</font></font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">95.1%</font></font></div>
</td>
</tr><tr style="background-color: #f2f2f2">
<td style="vertical-align: bottom; width: 21%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Dot Baires
Shopping</font></font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">May-09</font></font></div>
</td>
<td style="vertical-align: middle; width: 18%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">49,499</font></font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">158</font></font></div>
</td>
<td style="vertical-align: middle; width: 18%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">80.0%</font></font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">99.5%</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 21%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Soleil</font></font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Jul-10</font></font></div>
</td>
<td style="vertical-align: middle; width: 18%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">15,227</font></font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">79</font></font></div>
</td>
<td style="vertical-align: middle; width: 18%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">100.0%</font></font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">100.0%</font></font></div>
</td>
</tr><tr style="background-color: #f2f2f2">
<td style="vertical-align: bottom; width: 21%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Distrito
Arcos</font></font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Dec-14</font></font></div>
</td>
<td style="vertical-align: middle; width: 18%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">14,346</font></font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">67</font></font></div>
</td>
<td style="vertical-align: middle; width: 18%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">90.0%</font></font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">100.0%</font></font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 21%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Alto Noa
Shopping</font></font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Mar-95</font></font></div>
</td>
<td style="vertical-align: middle; width: 18%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">19,059</font></font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">90</font></font></div>
</td>
<td style="vertical-align: middle; width: 18%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">100.0%</font></font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">100.0%</font></font></div>
</td>
</tr><tr style="background-color: #f2f2f2">
<td style="vertical-align: bottom; width: 21%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;"><font style="color: #000000">Alto Rosario
Shopping</font><font style="font-size: 70%; vertical-align: top; color: #000000">(4)</font></font></font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Nov-04</font></font></div>
</td>
<td style="vertical-align: middle; width: 18%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">29,943</font></font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">150</font></font></div>
</td>
<td style="vertical-align: middle; width: 18%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">100.0%</font></font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">100.0%</font></font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 21%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Mendoza Plaza
Shopping</font></font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Dec-94</font></font></div>
</td>
<td style="vertical-align: middle; width: 18%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">42,868</font></font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">142</font></font></div>
</td>
<td style="vertical-align: middle; width: 18%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">100.0%</font></font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">96.9%</font></font></div>
</td>
</tr><tr style="background-color: #f2f2f2">
<td style="vertical-align: bottom; width: 21%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">C&#xF3;rdoba
Shopping</font></font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Dec-06</font></font></div>
</td>
<td style="vertical-align: middle; width: 18%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">15,446</font></font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">108</font></font></div>
</td>
<td style="vertical-align: middle; width: 18%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">100.0%</font></font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">98.9%</font></font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 21%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;"><font style="color: #000000">La Ribera
Shopping</font><font style="font-size: 70%; vertical-align: top; color: #000000">(5)</font></font></font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Aug-11</font></font></div>
</td>
<td style="vertical-align: middle; width: 18%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">10,053</font></font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">69</font></font></div>
</td>
<td style="vertical-align: middle; width: 18%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">50.0%</font></font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">95.9%</font></font></div>
</td>
</tr><tr style="background-color: #f2f2f2">
<td style="vertical-align: bottom; width: 21%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Alto
Comahue</font></font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Mar-15</font></font></div>
</td>
<td style="vertical-align: middle; width: 18%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">9,766</font></font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">104</font></font></div>
</td>
<td style="vertical-align: middle; width: 18%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">99.1%</font></font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">95.4%</font></font></div>
</td>
</tr><tr style="background-color: #f2f2f2">
<td style="vertical-align: bottom; width: 21%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;"><font style="color: #000000">Patio
Olmos</font><font style="font-size: 70%; vertical-align: top; color: #000000">(6)</font></font></font></div>
</td>
<td style="vertical-align: middle; width: 16%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: middle; width: 18%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: middle; width: 18%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: middle; width: 16%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 21%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Total</font></font></div>
</td>
<td style="vertical-align: middle; width: 16%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: middle; width: 18%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">339,080</font></font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">1,681</font></font></div>
</td>
<td style="vertical-align: middle; width: 18%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: middle; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">98.8%</font></font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td colspan="6" style="vertical-align: bottom; width: 100%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">(1) Corresponds to gross
leasable area in each property. Excludes common areas and parking
spaces.</font></font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">(2) Calculated dividing
occupied square meters by leasable area as of the last day of the
period.</font></font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;"><font style="color: #000000">(3)</font> Excludes
Museo de los Ni&#xF1;os (3,732 square meters).</font></font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">(4) Excludes Museo de los Ni&#xF1;os (1,261
square meters).</font></font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">(5) Through our joint venture Nuevo Puerto Santa
Fe S.A.</font></font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">(6) IRSA CP owns the historic building of the
Patio Olmos shopping mall in the province of C&#xF3;rdoba, operated
by a third party.</font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div id="pn" style="text-align: center"><font style="font-family: Arial;"><font style="font-size: 13px;">1</font></font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 36px; margin-right: 14px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="text-decoration: underline; font-size: 13px;">Cumulative
tenants&#x2019; sales as of September 30</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 14px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-style: italic; font-size: 13px;">(per Shopping Mall, for the
quarter of each fiscal year, in ARS million)</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 13px;">
<tr style="background-color: #376091">
<td style="vertical-align: middle; width: 35%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(255, 255, 255); font-size: 13px;">Shopping
Mall</font></font></div>
</td>
<td style="vertical-align: middle; width: 22%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(255, 255, 255); font-size: 13px;">IQ
18</font></font></div>
</td>
<td style="vertical-align: middle; width: 21%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(255, 255, 255); font-size: 13px;">IQ
17</font></font></div>
</td>
<td style="vertical-align: middle; width: 22%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(255, 255, 255); font-size: 13px;">YoY
Var</font></font></div>
</td>
</tr><tr style="background-color: #f2f2f2">
<td style="vertical-align: middle; width: 35%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Alto
Palermo</font></font></div>
</td>
<td style="vertical-align: middle; width: 22%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">1,129.9</font></font></div>
</td>
<td style="vertical-align: middle; width: 21%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">973.4</font></font></div>
</td>
<td style="vertical-align: middle; width: 22%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">16.1%</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 35%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Abasto
Shopping</font></font></div>
</td>
<td style="vertical-align: middle; width: 22%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">1,317.4</font></font></div>
</td>
<td style="vertical-align: middle; width: 21%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">1,101.4</font></font></div>
</td>
<td style="vertical-align: middle; width: 22%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">19.6%</font></font></div>
</td>
</tr><tr style="background-color: #f2f2f2">
<td style="vertical-align: middle; width: 35%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Alto
Avellaneda</font></font></div>
</td>
<td style="vertical-align: middle; width: 22%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">1,215.4</font></font></div>
</td>
<td style="vertical-align: middle; width: 21%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">1,008.5</font></font></div>
</td>
<td style="vertical-align: middle; width: 22%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">20.5%</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 35%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Alcorta
Shopping</font></font></div>
</td>
<td style="vertical-align: middle; width: 22%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">602.8</font></font></div>
</td>
<td style="vertical-align: middle; width: 21%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">499.1</font></font></div>
</td>
<td style="vertical-align: middle; width: 22%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">20.8%</font></font></div>
</td>
</tr><tr style="background-color: #f2f2f2">
<td style="vertical-align: middle; width: 35%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Patio
Bullrich</font></font></div>
</td>
<td style="vertical-align: middle; width: 22%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">335.6</font></font></div>
</td>
<td style="vertical-align: middle; width: 21%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">280.5</font></font></div>
</td>
<td style="vertical-align: middle; width: 22%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">19.6%</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 35%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Buenos Aires
Design</font></font></div>
</td>
<td style="vertical-align: middle; width: 22%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">170.3</font></font></div>
</td>
<td style="vertical-align: middle; width: 21%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">130.5</font></font></div>
</td>
<td style="vertical-align: middle; width: 22%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">30.5%</font></font></div>
</td>
</tr><tr style="background-color: #f2f2f2">
<td style="vertical-align: middle; width: 35%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Dot Baires
Shopping</font></font></div>
</td>
<td style="vertical-align: middle; width: 22%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">1,019.1</font></font></div>
</td>
<td style="vertical-align: middle; width: 21%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">842.8</font></font></div>
</td>
<td style="vertical-align: middle; width: 22%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">20.9%</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 35%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Soleil</font></font></div>
</td>
<td style="vertical-align: middle; width: 22%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">531.2</font></font></div>
</td>
<td style="vertical-align: middle; width: 21%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">400.1</font></font></div>
</td>
<td style="vertical-align: middle; width: 22%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">32.8%</font></font></div>
</td>
</tr><tr style="background-color: #f2f2f2">
<td style="vertical-align: middle; width: 35%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Distrito
Arcos</font></font></div>
</td>
<td style="vertical-align: middle; width: 22%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">439.7</font></font></div>
</td>
<td style="vertical-align: middle; width: 21%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">319.6</font></font></div>
</td>
<td style="vertical-align: middle; width: 22%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">37.6%</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 35%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Alto Noa
Shopping</font></font></div>
</td>
<td style="vertical-align: middle; width: 22%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">445.2</font></font></div>
</td>
<td style="vertical-align: middle; width: 21%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">372.3</font></font></div>
</td>
<td style="vertical-align: middle; width: 22%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">19.6%</font></font></div>
</td>
</tr><tr style="background-color: #f2f2f2">
<td style="vertical-align: middle; width: 35%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Alto Rosario
Shopping</font></font></div>
</td>
<td style="vertical-align: middle; width: 22%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">918.5</font></font></div>
</td>
<td style="vertical-align: middle; width: 21%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">740.8</font></font></div>
</td>
<td style="vertical-align: middle; width: 22%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">24.0%</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 35%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Mendoza Plaza
Shopping</font></font></div>
</td>
<td style="vertical-align: middle; width: 22%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">796.5</font></font></div>
</td>
<td style="vertical-align: middle; width: 21%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">647.7</font></font></div>
</td>
<td style="vertical-align: middle; width: 22%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">23.0%</font></font></div>
</td>
</tr><tr style="background-color: #f2f2f2">
<td style="vertical-align: middle; width: 35%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">C&#xF3;rdoba
Shopping</font></font></div>
</td>
<td style="vertical-align: middle; width: 22%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">321.6</font></font></div>
</td>
<td style="vertical-align: middle; width: 21%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">269.6</font></font></div>
</td>
<td style="vertical-align: middle; width: 22%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">19.3%</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 35%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;"><font style="color: #000000">La Ribera
Shopping</font><font style="font-size: 70%; vertical-align: top; color: #000000">(1)</font></font></font></div>
</td>
<td style="vertical-align: middle; width: 22%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">246.0</font></font></div>
</td>
<td style="vertical-align: middle; width: 21%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">180.8</font></font></div>
</td>
<td style="vertical-align: middle; width: 22%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">36.1%</font></font></div>
</td>
</tr><tr style="background-color: #f2f2f2">
<td style="vertical-align: middle; width: 35%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Alto
Comahue</font></font></div>
</td>
<td style="vertical-align: middle; width: 22%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">288.5</font></font></div>
</td>
<td style="vertical-align: middle; width: 21%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">216.4</font></font></div>
</td>
<td style="vertical-align: middle; width: 22%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">33.3%</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 35%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Total</font></font></div>
</td>
<td style="vertical-align: middle; width: 22%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">9,777.7</font></font></div>
</td>
<td style="vertical-align: middle; width: 21%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">7,983.5</font></font></div>
</td>
<td style="vertical-align: middle; width: 22%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">22.5%</font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">(1) Through our joint
venture Nuevo Puerto Santa Fe S.A.</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 14px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="text-decoration: underline; font-size: 13px;">Cumulative
tenants&#x2019; sales as of September 30</font></font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 14px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-style: italic; font-size: 13px;">(per Type of Business, for
the quarter of each fiscal year, in ARS
million)</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 13px;">
<tr style="background-color: #376091">
<td style="vertical-align: middle; width: 34%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(255, 255, 255); font-size: 13px;">Type
of Business</font></font></div>
</td>
<td style="vertical-align: middle; width: 27%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(255, 255, 255); font-size: 13px;">IQ
18</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(255, 255, 255); font-size: 13px;">IQ
17</font></font></div>
</td>
<td style="vertical-align: middle; width: 26%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(255, 255, 255); font-size: 13px;">YoY
Var</font></font></div>
</td>
</tr><tr style="background-color: #f2f2f2">
<td style="vertical-align: bottom; width: 34%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Anchor
Store</font></font></div>
</td>
<td style="vertical-align: middle; width: 27%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">540.7</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">417.5</font></font></div>
</td>
<td style="vertical-align: middle; width: 26%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">29.5%</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 34%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Clothes and
Footwear</font></font></div>
</td>
<td style="vertical-align: middle; width: 27%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">4,985.5</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">4,145.3</font></font></div>
</td>
<td style="vertical-align: middle; width: 26%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">20.3%</font></font></div>
</td>
</tr><tr style="background-color: #f2f2f2">
<td style="vertical-align: bottom; width: 34%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Entertainment</font></font></div>
</td>
<td style="vertical-align: middle; width: 27%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">415.7</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">344.0</font></font></div>
</td>
<td style="vertical-align: middle; width: 26%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">20.8%</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 34%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Home</font></font></div>
</td>
<td style="vertical-align: middle; width: 27%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">277.5</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">219.4</font></font></div>
</td>
<td style="vertical-align: middle; width: 26%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">26.5%</font></font></div>
</td>
</tr><tr style="background-color: #f2f2f2">
<td style="vertical-align: bottom; width: 34%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Restaurant</font></font></div>
</td>
<td style="vertical-align: middle; width: 27%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">1,203.6</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">900.5</font></font></div>
</td>
<td style="vertical-align: middle; width: 26%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">33.7%</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 34%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Miscellaneous</font></font></div>
</td>
<td style="vertical-align: middle; width: 27%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">1,106.5</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">913.4</font></font></div>
</td>
<td style="vertical-align: middle; width: 26%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">21.1%</font></font></div>
</td>
</tr><tr style="background-color: #f2f2f2">
<td style="vertical-align: bottom; width: 34%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Services</font></font></div>
</td>
<td style="vertical-align: middle; width: 27%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">112.1</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">54.9</font></font></div>
</td>
<td style="vertical-align: middle; width: 26%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">104.2%</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 34%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Electronic
appliances</font></font></div>
</td>
<td style="vertical-align: middle; width: 27%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">1,136.1</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">988.5</font></font></div>
</td>
<td style="vertical-align: middle; width: 26%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">14.9%</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 34%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Total</font></font></div>
</td>
<td style="vertical-align: middle; width: 27%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">9,777.7</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">7,983.5</font></font></div>
</td>
<td style="vertical-align: middle; width: 26%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">22.5%</font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 14px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="text-decoration: underline; font-size: 13px;">Revenues from
cumulative leases as of September 30</font></font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 14px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-style: italic; font-size: 13px;">(Breakdown per quarter of
each fiscal year, in ARS million)</font></font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 14px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 13px;">
<tr>
<td style="vertical-align: top; width: 53%; background-color: rgb(0, 31, 117);">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%; background-color: rgb(0, 31, 117);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(255, 255, 255); font-size: 13px;">IQ
18</font></font></div>
</td>
<td style="vertical-align: top; width: 12%; background-color: rgb(0, 31, 117);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(255, 255, 255); font-size: 13px;">IQ
17</font></font></div>
</td>
<td style="vertical-align: top; width: 12%; background-color: rgb(0, 31, 117);">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%; background-color: rgb(0, 31, 117);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(255, 255, 255); font-size: 13px;">YoY
Var</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 53%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 13px;"><font style="color: #000000">Base Rent</font>
<font style="font-size: 70%; vertical-align: top; color: #000000">(1)</font></font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">487.1</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">374.8</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">30.00%</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 53%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Percentage
Rent</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">154.1</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">150.3</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">2.50%</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 53%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Total
Rent</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">641.2</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">525.1</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">22.10%</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 53%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Non Traditional
Advertising</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">16.8</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">16.1</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">4.50%</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 53%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Admission
rights</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">73.3</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">61.9</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">18.50%</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 53%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Management</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">13.7</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">10.7</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">27.20%</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 53%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Parking</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">60</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">46.1</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">30.30%</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 53%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Comissions</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">42</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">21.3</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">97.30%</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 53%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Others</font></font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 4px double #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">2.6</font></font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 4px double #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">2.2</font></font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 4px double #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">20.70%</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 53%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Revenues
before Expenses and Collective Promotion Fund</font></font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 4px double #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">849.6</font></font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 4px double #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">683.3</font></font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 4px double #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">24.30%</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 53%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Expenses and Collective
Promotion Fund</font></font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 4px double #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">383.1</font></font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 4px double #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">313.9</font></font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 4px double #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">22.00%</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 53%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-weight: bold; font-size: 13px;"><font style="color: #000000; font-size: 13px">Total</font> <font style="color: #000000">(2)</font></font></font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 4px double #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">1,232.70</font></font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 4px double #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">997.3</font></font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 4px double #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">23.60%</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 53%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">(1) Includes Revenues from
stands for ARS&#xA0;60.2 million</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 53%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">(2) Does not include Patio
Olmos.</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
</tr></table>
</div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 13px;">
</table>
<font style="font-family: Arial;"><br></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><br></font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div id="pn" style="text-align: center"><font style="font-family: Arial;"><font style="font-size: 13px;">2</font></font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</div>
</div>
<div><font style="font-family: Arial;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; font-size: 13px;">III.
Offices</font></font></div>
<div><font style="font-family: Arial;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">The A+ office market in the City of Buenos Aires
remains robust. The price of Premium commercial spaces stood at USD
4,600 per square meter. Rental prices remained at the same levels
as in the previous year, averaging USD 30 per square meter for the
A+ segment, and vacancy continues to fall, reaching 3.72% as of
September 2017.</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 7px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">As
concerns the A+ office market in the Northern Area, we have noted a
significant improvement in the price of units during the last 10
years, and we believe in its potential during the next years.
Rental prices have remained at USD&#xA0;24.5 per square
meter.</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 14px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; font-size: 13px;">Sale and Rental Prices of A+
Offices &#x2013; City of Buenos Aires</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<img src="img01.jpg" alt=""></div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">Source: LJ Ramos</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 14px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 14px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 14px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; font-size: 13px;">Sale and Rental Prices of A+
Offices &#x2013; Northern Area</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><img src="grafico2.jpg" alt=""></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 48px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">Source: LJ Ramos</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">During the first three months of fiscal year
2018, revenues from the offices segment increased 20.8% as compared
to the same period of 2017, whereas Adjusted EBITDA from this
segment reached ARS&#xA0;104 million, 35.1% higher than in the
previous year, mainly due to higher revenues resulting from the
depreciation of the Peso vis-&#xE0;-vis the US dollar during the
period, and lower loan loss charges, which offset the smaller
leaseable area. <font style="color: #000000">Rental prices in USD
per sqm increased, reaching USD&#xA0;26.8 per
sqm</font>.</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Arial;"><font style="font-size: 11px;">&#xA0;</font></font></div>
<div id="pn" style="text-align: center"><font style="font-family: Arial;"><font style="font-size: 13px;">3</font></font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Arial;"><font style="font-size: 11px;">&#xA0;</font></font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">The EBITDA margin from the offices segment
reached 85.2%, much higher than the 76.2% recorded in the first
quarter of 2017.</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 13px;">
<tr style="background-color: #44546a">
<td style="vertical-align: middle; width: 58%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(255, 255, 255); font-size: 13px;">IQ
18</font></font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(255, 255, 255); font-size: 13px;">IQ
17</font></font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(255, 255, 255); font-size: 13px;">YoY
Var</font></font></div>
</td>
</tr><tr style="background-color: #f2f2f2">
<td style="vertical-align: bottom; width: 58%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Revenues</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">122</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">101</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">20.8%</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 58%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Net gain from fair value
adjustment of investment properties</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">280</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">147</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">90.5%</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 58%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Profit from
operations</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">384</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">224</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">71.4%</font></font></div>
</td>
</tr><tr style="background-color: #f2f2f2">
<td style="vertical-align: bottom; width: 58%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Depreciation and
Amortization</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">-</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">-</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">100.0%</font></font></div>
</td>
</tr><tr style="background-color: #f2f2f2">
<td style="vertical-align: bottom; width: 58%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">EBITDA</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">384</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">224</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">71.4%</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 58%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Adjusted
EBITDA</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">104</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">77</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">35.1%</font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 13px;">
<tr style="background-color: #44546a">
<td style="vertical-align: top; width: 34%; border-top: 2.25pt solid #000000">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 14%; border-top: 2.25pt solid #000000">
<div style="text-align: center"><font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(255, 255, 255); font-size: 13px;">IQ
18</font></font></div>
</td>
<td style="vertical-align: top; width: 13%; border-top: 2.25pt solid #000000">
<div style="text-align: center"><font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(255, 255, 255); font-size: 13px;">IVQ
17</font></font></div>
</td>
<td style="vertical-align: top; width: 13%; border-top: 2.25pt solid #000000">
<div style="text-align: center"><font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(255, 255, 255); font-size: 13px;">IIIQ
17</font></font></div>
</td>
<td style="vertical-align: top; width: 13%; border-top: 2.25pt solid #000000">
<div style="text-align: center"><font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(255, 255, 255); font-size: 13px;">IIQ
17</font></font></div>
</td>
<td style="vertical-align: top; width: 13%; border-top: 2.25pt solid #000000">
<div style="text-align: center"><font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(255, 255, 255); font-size: 13px;">IQ
17</font></font></div>
</td>
</tr><tr style="background-color: #f2f2f2">
<td style="vertical-align: top; width: 34%">
<div style="text-align: left"><font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Gross leaseable
area</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">85,378</font></font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">85,784</font></font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">86,682</font></font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">87,232</font></font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">89,027</font></font></div>
</td>
</tr><tr style="background-color: #f2f2f2">
<td style="vertical-align: top; width: 34%">
<div style="text-align: left"><font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Occupancy</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">96.2%</font></font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">96.2%</font></font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">97.9%</font></font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">100.0%</font></font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">100.0%</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 34%">
<div style="text-align: left"><font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Rent
(ARS/sqm)</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">464</font></font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">436</font></font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">409</font></font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">414</font></font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">389</font></font></div>
</td>
</tr><tr style="background-color: #f2f2f2">
<td style="vertical-align: top; width: 34%; border-bottom: 4px double #000000">
<div style="text-align: left"><font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Rent
(USD/sqm)</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">26.8</font></font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">26.2</font></font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">26.2</font></font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">26.1</font></font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">25.5</font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 7px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Below is information on our
offices and other rental properties&#x2019; segment as of September
30, 2017.</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 13px;">
<tr style="background-color: #44546a">
<td style="vertical-align: middle; width: 19%; border-top: 2.25pt solid #000000">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-top: 2.25pt solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(255, 255, 255); font-size: 13px;">Date
of Acquisition</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-top: 2.25pt solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; font-size: 13px;"><font style="color: #FFFFFF">Leaseable Area sqm</font> <font style="font-size: 70%; vertical-align: top; color: #FFFFFF">(1)</font></font></font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-top: 2.25pt solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; font-size: 13px;"><font style="color: #FFFFFF">Occupancy Rate</font> <font style="font-size: 70%; vertical-align: top; color: #FFFFFF">(2)</font></font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: middle; width: 41%; border-top: 2.25pt solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(255, 255, 255); font-size: 13px;">IRSA&#x2019;s
Effective Interest</font></font></div>
</td>
</tr><tr style="background-color: #f2f2f2">
<td style="vertical-align: middle; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-weight: bold; font-size: 13px;">Offices</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: middle; width: 41%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;"><font style="color: #000000">Edificio
Rep&#xFA;blica</font><font style="font-size: 70%; vertical-align: top; color: #000000">(3)</font></font></font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">04/28/08</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">19,885</font></font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">95%</font></font></div>
</td>
<td style="vertical-align: middle; width: 41%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">100%</font></font></div>
</td>
</tr><tr style="background-color: #f2f2f2">
<td style="vertical-align: middle; width: 19%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;"><font style="color: #000000">Torre
Bankboston</font><font style="font-size: 70%; vertical-align: top; color: #000000">(3)</font></font></font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">08/27/07</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">14,873</font></font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">100%</font></font></div>
</td>
<td style="vertical-align: middle; width: 41%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">100%</font></font></div>
</td>
</tr><tr style="background-color: #f2f2f2">
<td style="vertical-align: middle; width: 19%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;"><font style="color: #000000">Intercontinental
Plaza</font><font style="font-size: 70%; vertical-align: top; color: #000000">(3)</font></font></font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">11/18/97</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">3,876</font></font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">100%</font></font></div>
</td>
<td style="vertical-align: middle; width: 41%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">100%</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;"><font style="color: #000000">Bouchard 710</font>
<font style="font-size: 70%; vertical-align: top; color: #000000">(3)</font></font></font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">06/01/05</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">15,014</font></font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">100%</font></font></div>
</td>
<td style="vertical-align: middle; width: 41%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">100%</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Maip&#xFA;
1300</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">09/28/95</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">397</font></font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: middle; width: 41%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">100%</font></font></div>
</td>
</tr><tr style="background-color: #f2f2f2">
<td style="vertical-align: middle; width: 19%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Libertador
498</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">12/20/95</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">620</font></font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">100%</font></font></div>
</td>
<td style="vertical-align: middle; width: 41%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">100%</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;"><font style="color: #000000">Suipacha
652/64</font><font style="font-size: 70%; vertical-align: top; color: #000000">(3)</font></font></font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">11/22/91</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">11,465</font></font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">86%</font></font></div>
</td>
<td style="vertical-align: middle; width: 41%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">100%</font></font></div>
</td>
</tr><tr style="background-color: #f2f2f2">
<td style="vertical-align: middle; width: 19%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;"><font style="color: #000000">Dot Building</font>
<font style="font-size: 70%; vertical-align: top; color: #000000">(3)</font></font></font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">11/28/06</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">11,242</font></font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">100%</font></font></div>
</td>
<td style="vertical-align: middle; width: 41%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">80%</font></font></div>
</td>
</tr><tr style="background-color: #f2f2f2">
<td style="vertical-align: middle; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;"><font style="color: #000000">Phillips</font><font style="font-size: 70%; vertical-align: top; color: #000000">(3)</font></font></font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">06/05/17</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">8,007</font></font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">-</font></font></div>
</td>
<td style="vertical-align: middle; width: 41%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">100%</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Subtotal
Offices</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">85,378</font></font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">96.2%</font></font></div>
</td>
<td style="vertical-align: middle; width: 41%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
</tr><tr style="background-color: #f2f2f2">
<td style="vertical-align: middle; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-weight: bold; font-size: 13px;">Other
Properties</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: middle; width: 41%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
</tr><tr style="background-color: #f2f2f2">
<td style="vertical-align: middle; width: 19%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Santa Mar&#xED;a del Plata
S.A.</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">10/17/97</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">116,100</font></font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">91%</font></font></div>
</td>
<td style="vertical-align: middle; width: 41%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">100%</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;"><font style="color: #000000">San Martin
plot</font> <font style="font-size: 70%; vertical-align: top; color: #000000">(4)</font></font></font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">05/31/11</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">109,610</font></font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">89%</font></font></div>
</td>
<td style="vertical-align: middle; width: 41%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">50%</font></font></div>
</td>
</tr><tr style="background-color: #f2f2f2">
<td style="vertical-align: middle; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;"><font style="color: #000000">Other
Properties</font> <font style="font-size: 70%; vertical-align: top; color: #000000">(5)</font></font></font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">22,654</font></font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">67%</font></font></div>
</td>
<td style="vertical-align: middle; width: 41%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Subtotal
Other Properties</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">248,364</font></font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">88%</font></font></div>
</td>
<td style="vertical-align: middle; width: 41%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
</tr><tr style="background-color: #f2f2f2">
<td style="vertical-align: middle; width: 19%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">TOTAL
OFFICES AND OTHERS</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 4px double #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">333,742</font></font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 4px double #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">90%</font></font></div>
</td>
<td style="vertical-align: middle; width: 41%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td colspan="5" style="vertical-align: middle; width: 100%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; font-size: 13px;">Notes:</font></font></div>
</td>
</tr><tr>
<td colspan="5" style="vertical-align: middle; width: 100%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">(1) Total leaseable area for each property as of
September 30, 2017. Excludes common areas and
parking.</font></font></div>
</td>
</tr><tr>
<td colspan="5" style="vertical-align: middle; width: 100%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">(2) Calculated dividing occupied sqm by
leaseable area as of September 30, 2017.</font></font></div>
</td>
</tr><tr>
<td colspan="5" style="vertical-align: middle; width: 100%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">(3) Through IRSA Propiedades Comerciales
S.A.</font></font></div>
</td>
</tr><tr>
<td colspan="5" style="vertical-align: middle; width: 100%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">(4) Through Quality Invest
S.A.</font></font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">(5) Includes the following properties: Dot
adjacent plot, Intercontinental plot, Anchorena 665, Chanta IV,
Ferro, Puerto Retiro, Abril Manor House, Constituci&#xF3;n 1111 and
Rivadavia 2774.</font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; font-size: 13px;">IV. Sales and
Developments</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 13px;">
<tr style="background-color: #376091">
<td style="vertical-align: bottom; width: 66%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(255, 255, 255); font-size: 13px;">IQ
18</font></font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(255, 255, 255); font-size: 13px;">IQ
17</font></font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(255, 255, 255); font-size: 13px;">YoY
Var</font></font></div>
</td>
</tr><tr style="background-color: #f2f2f2">
<td style="vertical-align: top; width: 66%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Revenues from sales, leases
and services</font></font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">34</font></font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">1</font></font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">3,300.0%</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 66%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Net gain from fair value
adjustment of investment properties</font></font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">197</font></font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">37</font></font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">432.4%</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 66%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Profit from
operations</font></font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">181</font></font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">16</font></font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">1,031.3%</font></font></div>
</td>
</tr><tr style="background-color: #f2f2f2">
<td style="vertical-align: top; width: 66%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Depreciation and
amortization</font></font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">-</font></font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">-</font></font></div>
</td>
<td style="vertical-align: middle; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">-</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 66%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">EBITDA</font></font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">181</font></font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">16</font></font></div>
</td>
<td style="vertical-align: middle; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">1,031.3%</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 66%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Adjusted
EBITDA</font></font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">8</font></font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">-21</font></font></div>
</td>
<td style="vertical-align: middle; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">-</font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 14px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">For the first three months
of fiscal year 2018, adjusted EBITDA from the Sales and
Developments segment was ARS&#xA0;8 million as compared to a loss
of ARS&#xA0;21 million during the first quarter of 2017, due to the
sale of apartment units and parking spaces in Astor Beruti and the
sale of the Baicom plot.</font></font></div>
<div><font style="font-family: Arial;">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Arial;"><font style="font-size: 11px;">&#xA0;</font></font></div>
<div id="pn" style="text-align: center"><font style="font-family: Arial;"><font style="font-size: 13px;">4</font></font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Arial;"><font style="font-size: 11px;">&#xA0;</font></font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div><font style="font-family: Arial;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; font-size: 13px;">V. CAPEX
2018</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div><font style="font-family: Arial;">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 13px;">
<tr style="background-color: #1f497d">
<td style="vertical-align: bottom; width: 40%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 44%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(255, 255, 255); font-size: 13px;">Developments</font></font></div>
</td>
<td style="vertical-align: bottom; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(255, 255, 255); font-size: 13px;">Acquisitions</font></font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(255, 255, 255); font-size: 13px;">+</font></font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(255, 255, 255); font-size: 13px;">&#xA0;Developments</font></font></div>
</td>
</tr><tr style="background-color: #1f497d">
<td style="vertical-align: bottom; width: 40%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 20%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; font-style: italic; color: rgb(255, 255, 255); font-size: 13px;">
Greenfields</font></font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 24%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; font-style: italic; color: rgb(255, 255, 255); font-size: 13px;">
Expansions</font></font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
</tr><tr style="background-color: #1f497d">
<td style="vertical-align: bottom; width: 40%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: middle; width: 20%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(255, 255, 255); font-size: 13px;">Polo Dot (First
Stage)</font></font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 24%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(255, 255, 255); font-size: 13px;">Alto
Palermo</font></font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(255, 255, 255); font-size: 13px;">Catalinas</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 40%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 20%">
<div style="margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
</tr><tr style="background-color: #f2f2f2">
<td style="vertical-align: bottom; width: 40%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(13, 13, 13); font-size: 13px;">Start of
works</font></font></div>
</td>
<td style="vertical-align: bottom; width: 20%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">FY2017</font></font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 24%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">FY2017</font></font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">FY2017</font></font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 40%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(13, 13, 13); font-size: 13px;">Estimated opening
date</font></font></div>
</td>
<td style="vertical-align: bottom; width: 20%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">FY2019</font></font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 24%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">FY2018</font></font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">FY2020</font></font></div>
</td>
</tr><tr style="background-color: #f2f2f2">
<td style="vertical-align: bottom; width: 40%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(13, 13, 13); font-size: 13px;">GLA
(sqm)</font></font></div>
</td>
<td style="vertical-align: bottom; width: 20%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">31,635</font></font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 24%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">3,884</font></font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">35,468</font></font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 40%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(13, 13, 13); font-size: 13px;">IRSA Propiedades
Comerciales %</font></font></div>
</td>
<td style="vertical-align: bottom; width: 20%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">80%</font></font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 24%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">100%</font></font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">45%</font></font></div>
</td>
</tr><tr style="background-color: #f2f2f2">
<td style="vertical-align: bottom; width: 40%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(13, 13, 13); font-size: 13px;">Investment amount at
100% (USD million)</font></font></div>
</td>
<td style="vertical-align: bottom; width: 20%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">65</font></font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 24%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">28.5</font></font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">101</font></font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 40%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(13, 13, 13); font-size: 13px;">Work progress
(%)</font></font></div>
</td>
<td style="vertical-align: bottom; width: 20%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">20%</font></font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 24%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">0%</font></font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">5.2%</font></font></div>
</td>
</tr><tr style="background-color: #f2f2f2">
<td style="vertical-align: bottom; width: 40%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(13, 13, 13); font-size: 13px;">Estimated Stabilized
EBITDA (USD million)</font></font></div>
</td>
<td style="vertical-align: bottom; width: 20%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">USD
8-10</font></font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 24%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">USD 6-8</font></font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">USD 6-8</font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div><font style="font-family: Arial;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; font-size: 13px;">Alto Palermo
Expansion</font></font></div>
<div><font style="font-family: Arial;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">The expansion project of Alto Palermo shopping
mall will add a gross leaseable area of approximately 4,000 square
meters to the shopping mall with the highest sales per square meter
in our portfolio and it consists in moving the food court to a
third level by using the area of an adjacent building acquired in
2015. Demolition was completed in FY2017, and the expansion works
are estimated to start during this fiscal year
2018.</font></font></div>
<div><font style="font-family: Arial;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; font-size: 13px;">First Stage of Polo
Dot</font></font></div>
<div><font style="font-family: Arial;">&#xA0;</font></div>
<div><font style="font-family: Arial;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">The project called &#x201C;Polo Dot&#x201D;,
located in the commercial complex adjacent to our Dot Baires
shopping mall, has experienced significant growth since our first
investments in the area. The total project will consist in 3 office
buildings (one of them could include a hotel) in land reserves
owned by the Company and the expansion of the shopping mall by
approximately 15,000 square meters of gross leaseable area. At a
first stage, we are developing an 11-floor office building with an
area of approximately 32,000 square meters on an existing building,
in respect of which we have already executed lease agreements for
almost all the footage. Construction works started in the second
quarter of FY2017, and they are estimated to last between 18 and 24
months before the building becomes operational. As of September 30,
2017, degree of progress was 20%. The second stage of the project
will include two office/hotel buildings that will add 38,400 square
meters of gross leaseable area to the complex. We have seen a
significant demand for Premium office spaces in this new commercial
hotspot, and we are confident that we will be able to open these
buildings with attractive rent levels and high
occupancy.</font></font></div>
<div><font style="font-family: Arial;">&#xA0;</font></div>
<div><font style="font-family: Arial;">&#xA0;</font></div>
<div><font style="font-family: Arial;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Arial;"><font style="font-size: 11px;">&#xA0;</font></font></div>
<div id="pn" style="text-align: center"><font style="font-family: Arial;"><font style="font-size: 13px;">5</font></font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Arial;"><font style="font-size: 11px;">&#xA0;</font></font></div>
</div>
</div>
<div><font style="font-family: Arial;">&#xA0;</font></div>
<div><font style="font-family: Arial;">&#xA0;</font></div>
<div><font style="font-family: Arial;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; font-size: 13px;">Catalinas
Building</font></font></div>
<div><font style="font-family: Arial;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">The &#x201C;Catalinas&#x201D; project is located
in one of the most sought-after spots for Premium office
development in Argentina. The building to be constructed will have
35,468 square meters of gross leaseable area in 30 office floors
and 316 parking spaces. The works&#x2019; degree of progress is
5.2%, and the building is expected to become operational in
FY2020.</font></font></div>
<div><font style="font-family: Arial;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; font-size: 13px;">VI.&#xA0;Hotels</font></font></div>
<div><font style="font-family: Arial;">&#xA0;</font></div>
<div><font style="font-family: Arial;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">For the first three months
of fiscal year 2018, revenues from the hotel segment grew 23.7%,
mainly due to the increase in the average rate per room and a 3.1
pp rise in the occupancy rate, which reached 68.4% in IQ18. However
this segment&#x2019;s EBITDA totaled ARS&#xA0;2 million during the
quarter under review.</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 13px;">
<tr style="background-color: #376091">
<td style="vertical-align: bottom; width: 42%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(255, 255, 255); font-size: 13px;">Hotels
(in millions of ARS)</font></font></div>
</td>
<td style="vertical-align: bottom; width: 19%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(255, 255, 255); font-size: 13px;">IQ
18</font></font></div>
</td>
<td style="vertical-align: bottom; width: 19%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(255, 255, 255); font-size: 13px;">IQ
17</font></font></div>
</td>
<td style="vertical-align: bottom; width: 19%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(255, 255, 255); font-size: 13px;">YoY
Var</font></font></div>
</td>
</tr><tr style="background-color: #f2f2f2">
<td style="vertical-align: top; width: 42%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Revenues</font></font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">214</font></font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">173</font></font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">23.7%</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 42%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">(Loss) / profit from
operations</font></font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">-2</font></font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">4</font></font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">-150.0%</font></font></div>
</td>
</tr><tr style="background-color: #f2f2f2">
<td style="vertical-align: top; width: 42%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Depreciation and
amortization</font></font></div>
</td>
<td style="vertical-align: middle; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">4</font></font></div>
</td>
<td style="vertical-align: middle; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">4</font></font></div>
</td>
<td style="vertical-align: middle; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">0.0%</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 42%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">EBITDA</font></font></div>
</td>
<td style="vertical-align: middle; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">2</font></font></div>
</td>
<td style="vertical-align: middle; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">8</font></font></div>
</td>
<td style="vertical-align: middle; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">-75.0%</font></font></div>
</td>
</tr></table>
</div>
<div><font style="font-family: Arial;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 13px;">
<tr style="background-color: #365f91">
<td style="vertical-align: top; width: 41%; border-top: 2.25pt solid #000000">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%; border-top: 2.25pt solid #000000">
<div style="text-align: center"><font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(255, 255, 255); font-size: 13px;">IQ
18</font></font></div>
</td>
<td style="vertical-align: top; width: 12%; border-top: 2.25pt solid #000000">
<div style="text-align: center"><font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(255, 255, 255); font-size: 13px;">IVQ
17</font></font></div>
</td>
<td style="vertical-align: top; width: 11%; border-top: 2.25pt solid #000000">
<div style="text-align: center"><font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(255, 255, 255); font-size: 13px;">IIIQ
17</font></font></div>
</td>
<td style="vertical-align: top; width: 11%; border-top: 2.25pt solid #000000">
<div style="text-align: center"><font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(255, 255, 255); font-size: 13px;">IIQ
17</font></font></div>
</td>
<td style="vertical-align: top; width: 11%; border-top: 2.25pt solid #000000">
<div style="text-align: center"><font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(255, 255, 255); font-size: 13px;">IQ
17</font></font></div>
</td>
</tr><tr style="background-color: #f2f2f2">
<td style="vertical-align: middle; width: 41%">
<div style="text-align: left"><font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Average
Occupancy</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">68.4%</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">67.3%</font></font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: center"><font style="font-family: Arial;"><font style="font-size: 13px;">69.6%</font></font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: center"><font style="font-family: Arial;"><font style="font-size: 13px;">69.1%</font></font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: center"><font style="font-family: Arial;"><font style="font-size: 13px;">65.3%</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 41%">
<div style="text-align: left"><font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Average Rate per Room
(ARS/night)</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">3,290</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">2,803</font></font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">2,873</font></font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: center"><font style="font-family: Arial;"><font style="font-size: 13px;">2,784</font></font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: center"><font style="font-family: Arial;"><font style="font-size: 13px;">2,737</font></font></div>
</td>
</tr><tr style="background-color: #f2f2f2">
<td style="vertical-align: middle; width: 41%; border-bottom: 4px double #000000">
<div style="text-align: left"><font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Average Rate per Room
(USD/night)</font></font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 4px double #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">190</font></font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 4px double #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">181</font></font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">186</font></font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: center"><font style="font-family: Arial;"><font style="font-size: 13px;">182</font></font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: center"><font style="font-family: Arial;"><font style="font-size: 13px;">183</font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">The following is
information on our hotel segment as of September 30,
2017:</font></font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 13px;">
<tr style="background-color: #376091">
<td style="vertical-align: middle; width: 25%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(255, 255, 255); font-size: 13px;">Hotels</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(255, 255, 255); font-size: 13px;">Date
of</font></font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(255, 255, 255); font-size: 13px;">Acquisition</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(255, 255, 255); font-size: 13px;">IRSA&#x2019;s</font></font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(255, 255, 255); font-size: 13px;">Interest</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(255, 255, 255); font-size: 13px;">Number</font></font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(255, 255, 255); font-size: 13px;">of
Rooms</font></font></div>
</td>
<td style="vertical-align: middle; width: 21%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(255, 255, 255); font-size: 13px;">Average</font></font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(255, 255, 255); font-size: 13px;">Occupancy
(1)</font></font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(255, 255, 255); font-size: 13px;">Average</font></font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(255, 255, 255); font-size: 13px;">&#xA0;Rate(2)</font></font></div>
</td>
</tr><tr style="background-color: #f2f2f2">
<td style="vertical-align: middle; width: 25%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Intercontinental
(3)</font></font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">11/01/97</font></font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">76.34%</font></font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">309</font></font></div>
</td>
<td style="vertical-align: top; width: 21%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">72.1%</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">2,424</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 25%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Sheraton Libertador
(4)</font></font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">03/01/98</font></font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">80.00%</font></font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">200</font></font></div>
</td>
<td style="vertical-align: top; width: 21%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">78.2%</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">2,233</font></font></div>
</td>
</tr><tr style="background-color: #f2f2f2">
<td style="vertical-align: middle; width: 25%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Llao Llao
(5)</font></font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">06/01/97</font></font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">50.00%</font></font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">205</font></font></div>
</td>
<td style="vertical-align: top; width: 21%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">53.2%</font></font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">6,570</font></font></div>
</td>
</tr><tr style="background-color: #f2f2f2">
<td style="vertical-align: middle; width: 25%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Total</font></font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 4px double #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">-</font></font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 4px double #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">714</font></font></div>
</td>
<td style="vertical-align: top; width: 21%; border-bottom: 4px double #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">68.4%</font></font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 4px double #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">3,290</font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 13px;">
<tr>
<td style="vertical-align: bottom; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-weight: bold; font-size: 13px;">Notes:</font></font></div>
</td>
<td style="vertical-align: top; width: 85%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: bottom; width: 100%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">1) Cumulative average for
the 3-month period.</font></font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: bottom; width: 100%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">2) Cumulative average for
the 3-month period.</font></font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: bottom; width: 100%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">3) Through Nuevas Fronteras
S.A. (IRSA&#x2019;s subsidiary).</font></font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: bottom; width: 100%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">4) Through Hoteles
Argentinos S.A. (IRSA&#x2019;s subsidiary).</font></font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: bottom; width: 100%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">5) Through Llao Llao
Resorts S.A. (IRSA&#x2019;s subsidiary).</font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; font-size: 13px;">VII.&#xA0;International</font></font></div>
<div><font style="font-family: Arial;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; font-size: 13px;">Lipstick Building, New York,
United States</font></font></div>
<div><font style="font-family: Arial;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;"><font style="color: #000000">The Lipstick
Building is a landmark building in the City of New York, located at
Third Avenue and 53</font><font style="font-size: 70%; vertical-align: top; color: #000000">th</font>
<font style="color: #000000">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&#xE7;ade. Its gross
leaseable area is approximately 57,500 sqm and consists of 34
floors.</font></font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">As of September 30, 2017,
the building reached an occupancy rate of 95.15%, thus generating
an average rent of USD&#xA0;69.21 per sqm.</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 13px;">
<tr style="background-color: #376091">
<td style="vertical-align: bottom; width: 39%">
<div style="text-align: center; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(255, 255, 255); font-size: 13px;">Lipstick</font></font></div>
</td>
<td style="vertical-align: bottom; width: 20%">
<div style="text-align: center; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(255, 255, 255); font-size: 13px;">Sep-17</font></font></div>
</td>
<td style="vertical-align: bottom; width: 20%">
<div style="text-align: center; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(255, 255, 255); font-size: 13px;">Sept-16</font></font></div>
</td>
<td style="vertical-align: bottom; width: 20%">
<div style="text-align: center; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(255, 255, 255); font-size: 13px;">YoY
Var</font></font></div>
</td>
</tr><tr style="background-color: #f2f2f2">
<td style="vertical-align: bottom; width: 39%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Gross Leaseable Area
(sqm)</font></font></div>
</td>
<td style="vertical-align: middle; width: 20%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">58,094</font></font></div>
</td>
<td style="vertical-align: middle; width: 20%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">58,094</font></font></div>
</td>
<td style="vertical-align: middle; width: 20%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">-</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 39%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Occupancy</font></font></div>
</td>
<td style="vertical-align: middle; width: 20%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">95.15%</font></font></div>
</td>
<td style="vertical-align: middle; width: 20%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">97.33%</font></font></div>
</td>
<td style="vertical-align: middle; width: 20%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">-2.18pp</font></font></div>
</td>
</tr><tr style="background-color: #f2f2f2">
<td style="vertical-align: bottom; width: 39%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Rental price
(USD/sqm)</font></font></div>
</td>
<td style="vertical-align: middle; width: 20%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">69.21</font></font></div>
</td>
<td style="vertical-align: middle; width: 20%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">67.03</font></font></div>
</td>
<td style="vertical-align: middle; width: 20%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">3.24%</font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div><font style="font-family: Arial;">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Arial;"><font style="font-size: 11px;">&#xA0;</font></font></div>
<div id="pn" style="text-align: center"><font style="font-family: Arial;"><font style="font-size: 13px;">6</font></font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Arial;"><font style="font-size: 11px;">&#xA0;</font></font></div>
</div>
</div>
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; font-size: 13px;">Investment in Condor
Hospitality Inc.</font></font></div>
<div><font style="font-family: Arial;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">We maintain our 28.5%
investment in the Condor Hospitality Trust hotel REIT&#x2019;s
voting rights (NASDAQ: CDOR) through our subsidiary Real Estate
Strategies L.P. (&#x201C;RES&#x201D;), in which we hold a 66.83%
interest. Condor is a REIT listed in Nasdaq focused on medium-class
and long-stay hotels located in various states of the United States
of America, operated by various operators and
franchises.</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">During the quarter under
review, the company&#x2019;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></font></div>
<div><font style="font-family: Arial;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; font-size: 13px;">VIII. Financial Operations
and Others</font></font></div>
<div><font style="font-family: Arial;">&#xA0;</font></div>
<div><font style="font-family: Arial;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; font-size: 13px;">Interest in Banco Hipotecario
S.A. (&#x201C;BHSA&#x201D;) through IRSA</font></font></div>
<div><font style="font-family: Arial;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;"><font style="color: #000000">BHSA is a leading
bank in the mortgage lending industry, in which IRSA held an equity
interest of 29.91% as of September 30, 2017 (excluding treasury
shares). During the first three months of fiscal year 2018, the
investment in Banco Hipotecario generated income of ARS&#xA0;371.0
million, compared to income of ARS&#xA0;39 million in the same
period of 2017, mainly due to the increase in the present value of
the bank&#x2019;s financial assets. For further information,
visit</font> <font style="color: #000000">http://www.cnv.gob.ar</font> <font style="color: #000000">or</font> <font style="color: #000000">http://www.hipotecario.com.ar</font><font style="color: #000000">.</font></font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(31, 73, 125); font-size: 13px;">Operations
Center in Israel</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; font-size: 13px;">IX. Investment in IDB
Development Corporation</font></font></div>
<div><font style="font-family: Arial;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">As of September 30, 2017,
IRSA&#x2019;s indirect equity interest reached 68.3% of IDBD&#x2019;s
stock capital.</font></font></div>
<div><font style="font-family: Arial;">&#xA0;</font></div>
<div><font style="font-family: Arial;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Below is comparative
segment information on our operations center in Israel for the
period from April 1 to June 30 of both fiscal
years.</font></font></div>
<div><font style="font-family: Arial;">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 13px;">
<tr>
<td style="vertical-align: middle; width: 56%; border-top: 1.5pt solid rgb(0, 0, 0); background-color: rgb(0, 31, 117);">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(255, 255, 255); font-size: 13px;">Real
Estate (Property &amp; Building - PBC) - ARS MM</font></font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-top: 1.5pt solid rgb(0, 0, 0); background-color: rgb(0, 31, 117);">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(255, 255, 255); font-size: 13px;">IQ
18</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-top: 1.5pt solid rgb(0, 0, 0); background-color: rgb(0, 31, 117);">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(255, 255, 255); font-size: 13px;">IQ
17</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-top: 1.5pt solid rgb(0, 0, 0); background-color: rgb(0, 31, 117);">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(255, 255, 255); font-size: 13px;">YoY
Var</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 56%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Revenues</font></font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;997</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;1,049</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">-5.0%</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 56%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Net gain from fair value
adjustment of investment properties</font></font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;922</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;336</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">174.4%</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 56%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Profit from
operations</font></font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;1,582</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;892</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">77.4%</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 56%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Depreciation and
amortization</font></font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;9</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;7</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">28.6%</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 56%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">EBITDA</font></font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;1,590</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;899</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">76.9%</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 56%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Adjusted
EBITDA</font></font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;668</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;582</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">14.9%</font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">The Real Estate segment recorded a reduction in
revenues in IQ18 as compared to the same quarter of fiscal year
2017, mainly as a result of fewer apartments available for sale,
offset by higher revenues from leases of projects completed in
2017, and higher rental prices. Adjusted EBITDA for IQ18 reached
ARS&#xA0;668 million, 14.9% higher than in the same quarter of
2017.</font></font></div>
<div><font style="font-family: Arial;">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 13px;">
<tr>
<td style="vertical-align: middle; width: 56%; border-top: 1.5pt solid rgb(0, 0, 0); background-color: rgb(0, 31, 117);">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(255, 255, 255); font-size: 13px;">Supermarkets
(Shufersal) - $ MM</font></font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-top: 1.5pt solid rgb(0, 0, 0); background-color: rgb(0, 31, 117);">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(255, 255, 255); font-size: 13px;">IQ
18</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-top: 1.5pt solid rgb(0, 0, 0); background-color: rgb(0, 31, 117);">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(255, 255, 255); font-size: 13px;">IQ
17</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-top: 1.5pt solid rgb(0, 0, 0); background-color: rgb(0, 31, 117);">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(255, 255, 255); font-size: 13px;">YoY
Var</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 56%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Revenues</font></font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;13,182</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;11,467</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">15.0%</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 56%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Profit from
operations</font></font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;489</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;385</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">27.0%</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 56%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Depreciation and
amortization</font></font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;373</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;302</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">23.5%</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 56%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">EBITDA</font></font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;861</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;687</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">25.3%</font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Arial;"><font style="font-size: 11px;">&#xA0;</font></font></div>
<div id="pn" style="text-align: center"><font style="font-family: Arial;"><font style="font-size: 13px;">7</font></font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Arial;"><font style="font-size: 11px;">&#xA0;</font></font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">The Supermarkets segment recorded a 15% increase
in revenues and a 25.3% increase in EBITDA in IQ18 as compared to
the same quarter of 2017. The higher results are explained by the
depreciation of the peso during this period and higher sales due to
the Passover holidays, boosted by various special
offerings.</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div><font style="font-family: Arial;">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 13px;">
<tr>
<td style="vertical-align: middle; width: 56%; border-top: 1.5pt solid rgb(0, 0, 0); background-color: rgb(0, 31, 117);">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(255, 255, 255); font-size: 13px;">Telecommunications
(Cellcom) - $ MM</font></font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-top: 1.5pt solid rgb(0, 0, 0); background-color: rgb(0, 31, 117);">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(255, 255, 255); font-size: 13px;">IQ
18</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-top: 1.5pt solid rgb(0, 0, 0); background-color: rgb(0, 31, 117);">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(255, 255, 255); font-size: 13px;">IQ
17</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-top: 1.5pt solid rgb(0, 0, 0); background-color: rgb(0, 31, 117);">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(255, 255, 255); font-size: 13px;">YoY
Var</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 56%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Revenues</font></font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;4,226</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;3,841</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">10.0%</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 56%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Profit from
operations</font></font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;172</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;63</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">173.0%</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 56%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Depreciation and
amortization</font></font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;830</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;780</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">6.4%</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 56%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">EBITDA</font></font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;1,002</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;843</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">18.9%</font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div><font style="font-family: Arial;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">The Telecommunications segment saw a 10%
increase in revenues due to the effect of the devaluation of the
Argentine currency. In Israeli currency terms, revenues fell
slightly in IQ18 as compared to IQ17 as a result of a 15.2% drop in
revenues from the cell phone segment, offset by a 10.6% increase in
revenues from the fixed line segment. Profit from operations rose
173%, reaching ARS 172 million. of which ARS 145 million derive
from the sale of Rimon, one of Cellcom&#x2019;s
subsidiaries.</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div><font style="font-family: Arial;">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 13px;">
<tr>
<td style="vertical-align: middle; width: 56%; border-top: 1.5pt solid rgb(0, 0, 0); background-color: rgb(0, 31, 117);">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(255, 255, 255); font-size: 13px;">Others
(Corporate expenses and other subsidiaries) - $
MM</font></font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-top: 1.5pt solid rgb(0, 0, 0); background-color: rgb(0, 31, 117);">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(255, 255, 255); font-size: 13px;">IQ
18</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-top: 1.5pt solid rgb(0, 0, 0); background-color: rgb(0, 31, 117);">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(255, 255, 255); font-size: 13px;">IQ
17</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-top: 1.5pt solid rgb(0, 0, 0); background-color: rgb(0, 31, 117);">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(255, 255, 255); font-size: 13px;">YoY
Var</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 56%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Revenues</font></font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">189</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">142</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">32.6%</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 56%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Loss from
operations</font></font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">-38</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">-126</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">-69.8%</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 56%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Depreciation and
amortization</font></font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">13</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">14</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">-7.1%</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 56%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">EBITDA</font></font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">-24</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">-108</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">-77.4%</font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">As
concerns &#x201C;Clal&#x201D;, the Group values its interest in this
insurance<font style="font-weight: bold">&#xA0;</font>company as a
financial asset at fair value. The variation in the listing price
of Clal&#x2019;s shares during the period resulted in a gain of ARS
92 million,</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; font-size: 13px;">X. Reconciliation with
Consolidated Income Statement (ARS million)</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Below is an explanation of
the reconciliation of the Company&#x2019;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></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 13px;">
<tr style="background-color: #365f91">
<td style="vertical-align: middle; width: 32%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(255, 255, 255); font-size: 13px;">Total
as per Segment information</font></font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(255, 255, 255); font-size: 13px;">Adjustment
for share of profit/(loss) of Joint Ventures *</font></font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(255, 255, 255); font-size: 13px;">Expenses
and Collective Promotion Funds</font></font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(255, 255, 255); font-size: 13px;">Adjustment
to income for elimination of inter-segment
transactions</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(255, 255, 255); font-size: 13px;">Total
as per Statement of Income</font></font></div>
</td>
</tr><tr style="background-color: #f2f2f2">
<td style="vertical-align: middle; width: 32%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Revenues</font></font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">19,814</font></font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">-11</font></font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">413</font></font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">-3</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">20,213</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 32%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Costs</font></font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">-13,313</font></font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">4</font></font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">-419</font></font></div>
</td>
<td style="vertical-align: middle; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">1</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">-13,727</font></font></div>
</td>
</tr><tr style="background-color: #f2f2f2">
<td style="vertical-align: middle; width: 32%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Gross
profit</font></font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">6,501</font></font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">-7</font></font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">-6</font></font></div>
</td>
<td style="vertical-align: middle; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">-2</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">6,486</font></font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: middle; width: 32%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Net gain from fair value
adjustment of investment properties</font></font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">3,443</font></font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">-39</font></font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">-</font></font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">-</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">3,404</font></font></div>
</td>
</tr><tr style="background-color: #f2f2f2">
<td style="vertical-align: middle; width: 32%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">General and administrative
expenses</font></font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">-1,010</font></font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">12</font></font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">-</font></font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">3</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">-995</font></font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: middle; width: 32%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Selling
expenses</font></font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">-3,562</font></font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">1</font></font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">-</font></font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">-</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">-3,561</font></font></div>
</td>
</tr><tr style="background-color: #f2f2f2">
<td style="vertical-align: middle; width: 32%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Other operating results,
net</font></font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">9</font></font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">16</font></font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">-</font></font></div>
</td>
<td style="vertical-align: middle; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">1</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">24</font></font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: middle; width: 32%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Profit /
(loss) from operations</font></font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">5,381</font></font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">-17</font></font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">-6</font></font></div>
</td>
<td style="vertical-align: middle; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">-</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">5,358</font></font></div>
</td>
</tr><tr style="background-color: #f2f2f2">
<td style="vertical-align: top; width: 32%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Share of profit of
associates and joint ventures</font></font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">386</font></font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">12</font></font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">-</font></font></div>
</td>
<td style="vertical-align: middle; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">-</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">398</font></font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: top; width: 32%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Net
segment profit before financial results and income
tax</font></font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">5,767</font></font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">-5</font></font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">-6</font></font></div>
</td>
<td style="vertical-align: middle; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">-</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">5,756</font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;"><font style="color: #000000">*</font><font style="color: #000000; font-size: 13px">Includes
Puerto Retiro, Baicom, CYRSA, Nuevo Puerto Santa Fe and Quality
(San Mart&#xED;n plot).</font></font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div id="pn" style="text-align: center"><font style="font-family: Arial;"><font style="font-size: 13px;">8</font></font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; font-size: 13px;">XI. Financial Debt and Other
Indebtedness</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; font-size: 13px;">Operations Center in
Argentina</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Financial debt as of
September 30, 2017:</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 13px;">
<tr style="background-color: #1f497d">
<td style="vertical-align: bottom; width: 35%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(255, 255, 255); font-size: 13px;">Description</font></font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(255, 255, 255); font-size: 13px;">Currency</font></font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; font-size: 13px;"><font style="color: #FFFFFF">Amount</font> <font style="font-size: 70%; vertical-align: top; color: #FFFFFF">(1)</font></font></font></div>
</td>
<td style="vertical-align: bottom; width: 23%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(255, 255, 255); font-size: 13px;">Interest
Rate</font></font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 17%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(255, 255, 255); font-size: 13px;">Maturity</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 35%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Bank
overdrafts</font></font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">ARS</font></font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">24.8</font></font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 25%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Floating</font></font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">&lt; 360
days</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 35%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">IRSA 2020 Series II
Non-Convertible Notes.</font></font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">USD</font></font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">71.4</font></font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 25%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">11.50%</font></font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Jul-20</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 35%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Series VII Non-Convertible
Notes</font></font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">ARS</font></font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">22.2</font></font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 25%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Badlar +
299</font></font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Sep-19</font></font></div>
</td>
</tr><tr style="background-color: #f2f2f2">
<td style="vertical-align: bottom; width: 35%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Series VIII Non-Convertible
Notes</font></font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">USD</font></font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">184.5</font></font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 25%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">7.00%</font></font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Sep-19</font></font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 35%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">ICBC Dubai
Loan</font></font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">ARS</font></font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">50.0</font></font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 25%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">5,95%</font></font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Feb-22</font></font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 35%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">ICBC
Loan</font></font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">ARS</font></font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">7.2</font></font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 25%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">21.20%</font></font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">May-18</font></font></div>
</td>
</tr><tr style="background-color: #f2f2f2">
<td style="vertical-align: bottom; width: 35%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Other
loans</font></font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">ARS</font></font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">0.1</font></font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 25%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: middle; width: 15%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 35%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">IRSA&#x2019;s
Total Debt</font></font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">360.2</font></font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 25%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 35%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;"><font style="color: #000000">IRSA&#x2019;s Cash +
Cash Equivalents + Investments</font> <font style="font-size: 70%; vertical-align: top; color: #000000">(2)</font></font></font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">USD</font></font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">4.3</font></font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 25%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 35%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">IRSA&#x2019;s
Net Debt</font></font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">USD</font></font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">355.9</font></font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 25%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
</tr><tr style="background-color: #f2f2f2">
<td style="vertical-align: middle; width: 35%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Bank
overdrafts</font></font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">ARS</font></font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">1.6</font></font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 25%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;Floating</font></font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;&lt; 360
d</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 35%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">CAPEX Citi 5600
loan</font></font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">ARS</font></font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">0.1</font></font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 25%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Fixed</font></font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Jan-18</font></font></div>
</td>
</tr><tr style="background-color: #f2f2f2">
<td style="vertical-align: middle; width: 35%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">ICBC
loan</font></font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">ARS</font></font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">4.3</font></font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 25%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Fixed</font></font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">May-18</font></font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: middle; width: 35%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">IRCP Class IV
Non-Convertible Notes</font></font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">USD</font></font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">140.0</font></font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 25%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">5.0%</font></font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Sep-17</font></font></div>
</td>
</tr><tr style="background-color: #f2f2f2">
<td style="vertical-align: middle; width: 35%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">IRSA CP Class II
Non-Convertible Notes</font></font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">USD</font></font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">360.0</font></font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 25%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">8.75%</font></font></div>
</td>
<td style="vertical-align: middle; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Mar-23</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 35%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">IRSA
CP&#x2019;s Total Debt</font></font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">506.1</font></font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 25%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: middle; width: 15%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
</tr><tr style="background-color: #f2f2f2">
<td style="vertical-align: middle; width: 35%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;"><font style="color: #000000">Cash + Cash
Equivalents + Investments</font> <font style="font-size: 70%; vertical-align: top; color: #000000">(3)</font></font></font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">331.0</font></font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 25%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: middle; width: 15%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
</tr><tr style="background-color: #f2f2f2">
<td style="vertical-align: middle; width: 35%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">IRSA
CP&#x2019;s Net Debt</font></font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">175.1</font></font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 25%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: middle; width: 15%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 13px;">
<tr>
<td style="vertical-align: bottom; width: 100%">
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: -36px;">
<font style="font-family: Arial;"><font style="font-size: 13px;"><font style="color: #000000">(1)</font>&#xA0;<font style="color: #000000">Principal amount in USD (million) at an exchange
rate of ARS 17.31/USD, without considering accrued interest or
eliminations of balances with
subsidiaries.</font></font></font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 100%">
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: -36px;">
<font style="font-family: Arial;"><font style="font-size: 13px;"><font style="color: #000000">(2)</font>&#xA0;<font style="color: #000000">&#x201C;IRSA&#x2019;s Cash &amp; Cash Equivalents
plus Investments&#x201D; includes IRSA&#x2019;s Cash &amp; Cash
Equivalents + IRSA&#x2019;s Investments in current and non-current
financial assets.</font></font></font></div>
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: -36px;">
<font style="font-family: Arial;"><font style="font-size: 13px;"><font style="color: #000000">(3)</font>&#xA0;<font style="color: #000000">&#x201C;IRSA CP&#x2019;s Cash &amp; Cash Equivalents
plus Investments&#x201D; includes IRSA CP&#x2019;s Cash &amp; Cash
Equivalents + Investments in current financial assets plus a loan
from its controlling company IRSA Inversiones y Representaciones
S.A.</font></font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(31, 73, 125); font-size: 13px;">Operations
Center in Israel</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Net financial debt (USD
million)</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 13px;">
<tr style="background-color: #1f497d">
<td style="vertical-align: middle; width: 61%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(255, 255, 255); font-size: 13px;">Indebtedness</font></font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: middle; width: 36%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(255, 255, 255); font-size: 13px;">Amount</font></font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: middle; width: 61%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">IDBD</font></font></div>
</td>
<td style="vertical-align: middle; width: 3%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 36%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">783</font></font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: middle; width: 61%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">DIC</font></font></div>
</td>
<td style="vertical-align: middle; width: 3%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 36%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">769</font></font></div>
</td>
</tr></table>
</div>
<div><font style="font-family: Arial;">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Arial;"><font style="font-size: 11px;">&#xA0;</font></font></div>
<div id="pn" style="text-align: center"><font style="font-family: Arial;"><font style="font-size: 13px;">9</font></font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Arial;"><font style="font-size: 11px;">&#xA0;</font></font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">On
September 28, 2017, DIC made a partial exchange offer to the
holders of series F NCN, proposing them to swap such notes for
series J bonds. Series J have substantially different terms from
those applicable to series F; therefore, a payment for series F was
booked, and a new financial commitment at fair value was recorded
in respect of series J NCN. Additionally, the previous debt (Series
F) was registered since October 11, 2015 (IDBD consolidation date)
at its price with discount to its face value. As a result of this
exchange, DIC recorded a loss equal to the difference between the
amount cancelled and the amount of the new debt, for approximately
NIS 461 million (equivalent to approximately ARS&#xA0;2,228 million
as of such date) which was included under &#x201C;Financial
costs&#x201D;.</font></font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px; width: 100%; border-bottom: 1px solid rgb(0, 0, 0);">
<!--Rule Below Paragraph--></div>
<div><font style="font-family: Arial;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(36, 64, 97); font-size: 13px;">XII.
Material and Subsequent Events</font></font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px; width: 100%; border-bottom: 1px solid rgb(0, 0, 0);">
<!--Rule Below Paragraph--></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="text-decoration: underline; color: rgb(0, 0, 0); font-weight: bold; font-size: 13px;">
Operations Center in Argentina</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; font-style: italic; color: rgb(0, 0, 0); font-size: 13px;">
July 2017: Sale of BAICOM land reserve</font></font></div>
<div><font style="font-family: Arial;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">On July 19, the Company,
acting through a subsidiary, sold to an unrelated third party a
land reserve of approximately 6,905 sqm located at Av. P.
Ram&#xF3;n Castillo, at the corner of Av. Ant&#xE1;rtida Argentina,
in the neighborhood of Retiro, City of Buenos
Aires.</font></font></div>
<div><font style="font-family: Arial;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">This land reserve was owned
by BAICOM Networks S.A., a company in which IRSA held an indirect
interest of 50%.</font></font></div>
<div><font style="font-family: Arial;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">The transaction amount was
USD&#xA0;14,000,000 (fourteen million Dollars) (USD&#xA0;7 million
corresponding to IRSA), and it was fully paid.</font></font></div>
<div><font style="font-family: Arial;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; font-style: italic; color: rgb(0, 0, 0); font-size: 13px;">
August 2017: Purchase of DIC&#x2019;s shares by Dolphin Netherlands
B.V.</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">On August 22, 2017, under
the scope of the Act to Promote Competition and Reduce
Concentration (the &#x201C;Concentration Law&#x201D;), Dolphin
Netherlands B.V. made a non-binding tender offer to purchase all
the shares of Discount Investment Corporation Ltd.
(&#x201C;DIC&#x201D;)held by IDB Development Corporation Ltd.
(&#x201C;IDBD&#x201D;).</font></font></div>
<div><font style="font-family: Arial;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">No assurance may be given
that the parties will execute or perform any binding agreement. The
offer is subject to review by IDBD&#x2019;s independent board
committee and the terms and conditions will be negotiated after
such review. This transaction could significantly extend over time
or could fail to be consummated or be consummated under different
terms over the course of the negotiations, as it must be approved
by IDBD&#x2019;s corporate bodies and other entities, which could
withhold their consent.</font></font></div>
<div><font style="font-family: Arial;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">For purposes of the
transaction, a committee of independent directors has been
organized to assess the offer and negotiate its terms and
conditions.</font></font></div>
<div><font style="font-family: Arial;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; font-style: italic; color: rgb(0, 0, 0); font-size: 13px;">
October 2017: Lipstick&#x2019;s Debt Refinancing</font></font></div>
<div><font style="font-family: Arial;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">In October 2017, in light
of the approaching maturity of the USD 113.1 million
non-recourse-to-IRSA debt owed by Metropolitan 885 3rd Ave
(&#x201C;Metropolitan&#x201D;), owner of the Lipstick Building, the
term of such debt was extended to April 30, 2020 with respect to an
amount of USD&#xA0;53.1 million, and USD&#xA0;50 million were
repaid in cash. Out of this sum, IRSA contributed USD&#xA0;20
million, and an additional reduction of debt in an amount of USD 20
million was obtained from the lender bank.</font></font></div>
<div><font style="font-family: Arial;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">In addition, as a result of
the negotiations held, a reduction in the interest rate of this
loan from Libor + 4% to Libor + 2% was
achieved.</font></font></div>
<div><font style="font-family: Arial;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Arial;"><font style="font-size: 11px;">&#xA0;</font></font></div>
<div id="pn" style="text-align: center"><font style="font-family: Arial;"><font style="font-size: 13px;">10</font></font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Arial;"><font style="font-size: 11px;">&#xA0;</font></font></div>
</div>
</div>
<div><font style="font-family: Arial;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div><font style="font-family: Arial;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; font-style: italic; color: rgb(0, 0, 0); font-size: 13px;">
October 2017: Sale of Equity Interest in IRSA Propiedades
Comerciales</font></font></div>
<div><font style="font-family: Arial;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;"><font style="color: #000000">On October 26,
2017, the Company sold 10,240,000 common shares of ARS&#xA0;1.00
face value each, represented by American Depositary Shares
(&#x201C;ADS&#x201D;), in the over-the-counter market. Each ADS
represents four common shares of IRSA Propiedades Comerciales
S.A.,</font> accounting for 8.1% of its share capital. After the
consummation of this transaction, the Company&#x2019;s equity
interest in IRSA CP is now 86.5%.</font></font></div>
<div><font style="font-family: Arial;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; font-style: italic; font-size: 13px;">October
2017: General Ordinary and Extraordinary Shareholders&#x2019;
Meeting</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">At
the General Ordinary and Extraordinary Shareholders&#x2019; Meeting
held on October 31, 2017, the following matters, <font style="font-style: italic">inter alia,</font> were
resolved:</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div style="margin-left: 108px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-family: Arial;"><font style="font-size: 13px">&#x25CF;</font></font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial;"><font style="font-size: 13px;">Distribution
of a cash dividend for ARS&#xA0;1,400 million.</font></font></div>
</div>
</div>
<div style="margin-left: 108px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-family: Arial;"><font style="font-size: 13px">&#x25CF;</font></font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial;"><font style="font-size: 13px;">Fees payable
to the Board of Directors and Supervisory Committee for fiscal year
2017 closed as of June 30, 2017.</font></font></div>
</div>
</div>
<div style="margin-left: 108px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-family: Arial;"><font style="font-size: 13px">&#x25CF;</font></font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial;"><font style="font-size: 13px;">Renewal of
regular and alternate directors due to expiration of their terms
and appointment of new alternate director.</font></font></div>
</div>
</div>
<div style="margin-left: 108px; display: table;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-family: Arial;"><font style="font-size: 13px">&#x25CF;</font></font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial;"><font style="font-size: 13px;">Creation of a
new Global Note Program for up to USD&#xA0;350
million.</font></font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 2px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="text-decoration: underline; color: rgb(0, 0, 0); font-weight: bold; font-size: 13px;">
Operations Center in Israel</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; font-style: italic; font-size: 13px;">August
2017: Sale of Additional Percentage of Clal
Insurance</font></font></div>
<div><font style="font-family: Arial;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Following instructions
imparted by Israel&#x2019;s Capital Market, Insurance and Savings
Market Commission to the Trustee regarding the guidelines for
selling Clal&#x2019;s shares, on August 30, 2017, IDBD sold 5% of
its equity interest in Clal by way of a swap transaction, pursuant
to terms identical to those applied to the swap transaction made
and reported to the market on May 3, 2017.</font></font></div>
<div><font style="font-family: Arial;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">The consideration for the
transaction amounted approximately NIS&#xA0;152.5 million. Upon
completion of the transaction, IDBD&#x2019;s equity interest in Clal
will be reduced from 49.9% to 44.9% of its share
capital.</font></font></div>
<div><font style="font-family: Arial;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; font-style: italic; font-size: 13px;">September
2017: Non-binding Offer for Clal Insurance</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">On September 4, 2017, IDBD
received a non-binding offer from Huabang Financial Holdings
Limited to acquire its entire equity interest in Clal Insurance
Enterprise Holdings Ltd. (&#x201C;Clal&#x201D;), representing 44.9%
of its stock capital.</font></font></div>
<div><font style="font-family: Arial;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">The amount payable will be
equivalent to Clal&#x2019;s shareholders&#x2019; equity as reflected
in its Financial Statements on the transaction&#x2019;s closing
date. As of June 30, 2017, such amount was approximately NIS 4.88
billion.</font></font></div>
<div><font style="font-family: Arial;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">The transaction is subject
to a due diligence process, to be conducted by the purchaser for a
term of 60 days after the execution of the memorandum of
understanding, and the execution of a binding agreement among the
parties, among other requirements.</font></font></div>
<div><font style="font-family: Arial;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Moreover, the consummation
of the transaction is subject to the approval of Israel&#x2019;s
Capital Market, Insurance and Saving
Commission.</font></font></div>
<div><font style="font-family: Arial;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div><font style="font-family: Arial;">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Arial;"><font style="font-size: 11px;">&#xA0;</font></font></div>
<div id="pn" style="text-align: center"><font style="font-family: Arial;"><font style="font-size: 13px;">11</font></font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Arial;"><font style="font-size: 11px;">&#xA0;</font></font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div><font style="font-family: Arial;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div><font style="font-family: Arial;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(36, 64, 97); font-size: 13px;">XIII.
Comparative Summary Consolidated Balance Sheet
Data</font></font></div>
<div><font style="font-family: Arial;">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 13px;">
<tr style="background-color: #1f497d">
<td style="vertical-align: middle; width: 60%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: middle; width: 20%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(255, 255, 255); font-size: 13px;">09.30.17</font></font></div>
</td>
<td style="vertical-align: middle; width: 20%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(255, 255, 255); font-size: 13px;">09.30.16</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 60%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Non-current
assets</font></font></div>
</td>
<td style="vertical-align: middle; width: 20%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">167,145</font></font></div>
</td>
<td style="vertical-align: middle; width: 20%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">138,994</font></font></div>
</td>
</tr><tr style="background-color: #e7e6e6">
<td style="vertical-align: middle; width: 60%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Current
assets</font></font></div>
</td>
<td style="vertical-align: middle; width: 20%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">72,209</font></font></div>
</td>
<td style="vertical-align: middle; width: 20%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">58,645</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 60%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Total
Assets</font></font></div>
</td>
<td style="vertical-align: middle; width: 20%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">239,354</font></font></div>
</td>
<td style="vertical-align: middle; width: 20%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">197,639</font></font></div>
</td>
</tr><tr style="background-color: #e7e6e6">
<td style="vertical-align: middle; width: 60%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Capital and reserves
attributable to equity holders of the parent</font></font></div>
</td>
<td style="vertical-align: middle; width: 20%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">26,107</font></font></div>
</td>
<td style="vertical-align: middle; width: 20%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">21,740</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 60%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Non-controlling
interest</font></font></div>
</td>
<td style="vertical-align: middle; width: 20%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">20,799</font></font></div>
</td>
<td style="vertical-align: middle; width: 20%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">15,273</font></font></div>
</td>
</tr><tr style="background-color: #e7e6e6">
<td style="vertical-align: middle; width: 60%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Total
shareholders&#x2019; equity</font></font></div>
</td>
<td style="vertical-align: middle; width: 20%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">46,906</font></font></div>
</td>
<td style="vertical-align: middle; width: 20%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">37,013</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 60%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Non-current
liabilities</font></font></div>
</td>
<td style="vertical-align: middle; width: 20%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">148,410</font></font></div>
</td>
<td style="vertical-align: middle; width: 20%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">110,297</font></font></div>
</td>
</tr><tr style="background-color: #e7e6e6">
<td style="vertical-align: middle; width: 60%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Current
liabilities</font></font></div>
</td>
<td style="vertical-align: middle; width: 20%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">44,038</font></font></div>
</td>
<td style="vertical-align: middle; width: 20%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">50,329</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 60%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Total
Liabilities</font></font></div>
</td>
<td style="vertical-align: middle; width: 20%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">192,448</font></font></div>
</td>
<td style="vertical-align: middle; width: 20%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">160,626</font></font></div>
</td>
</tr><tr style="background-color: #e7e6e6">
<td style="vertical-align: middle; width: 60%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Total
liabilities and shareholders&#x2019; equity</font></font></div>
</td>
<td style="vertical-align: middle; width: 20%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">239,354</font></font></div>
</td>
<td style="vertical-align: middle; width: 20%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">197,639</font></font></div>
</td>
</tr></table>
</div>
<div><font style="font-family: Arial;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(36, 64, 97); font-size: 13px;">XIV.
Summary Consolidated Income Statement Data</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 13px;">
<tr style="background-color: #1f497d">
<td style="vertical-align: middle; width: 61%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: right; margin-left: 36px; margin-right: 10px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(255, 255, 255); font-size: 13px;">09.30.17</font></font></div>
</td>
<td style="vertical-align: middle; width: 22%">
<div style="text-align: right; margin-left: 36px; margin-right: 10px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(255, 255, 255); font-size: 13px;">09.30.16</font></font></div>
</td>
</tr><tr style="background-color: #f2f2f2">
<td style="vertical-align: middle; width: 61%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Profit
from operations</font></font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: right; margin-left: 36px; margin-right: 10px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">5,358</font></font></div>
</td>
<td style="vertical-align: middle; width: 22%">
<div style="text-align: right; margin-left: 36px; margin-right: 10px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">2,767</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 61%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Share of profit of
associates and joint ventures</font></font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: right; margin-left: 36px; margin-right: 10px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">398</font></font></div>
</td>
<td style="vertical-align: middle; width: 22%">
<div style="text-align: right; margin-left: 36px; margin-right: 10px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">9</font></font></div>
</td>
</tr><tr style="background-color: #f2f2f2">
<td style="vertical-align: middle; width: 61%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Profit
before financial results and income tax</font></font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: right; margin-left: 36px; margin-right: 10px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">5,756</font></font></div>
</td>
<td style="vertical-align: middle; width: 22%">
<div style="text-align: right; margin-left: 36px; margin-right: 10px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">2,776</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 61%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Finance
income</font></font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: right; margin-left: 36px; margin-right: 10px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">295</font></font></div>
</td>
<td style="vertical-align: middle; width: 22%">
<div style="text-align: right; margin-left: 36px; margin-right: 10px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">280</font></font></div>
</td>
</tr><tr style="background-color: #f2f2f2">
<td style="vertical-align: middle; width: 61%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Finance
expenses</font></font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: right; margin-left: 36px; margin-right: 10px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">(5,043)</font></font></div>
</td>
<td style="vertical-align: middle; width: 22%">
<div style="text-align: right; margin-left: 36px; margin-right: 10px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">(2,031)</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 61%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Other financial
results</font></font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: right; margin-left: 36px; margin-right: 10px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">293</font></font></div>
</td>
<td style="vertical-align: middle; width: 22%">
<div style="text-align: right; margin-left: 36px; margin-right: 10px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">262</font></font></div>
</td>
</tr><tr style="background-color: #f2f2f2">
<td style="vertical-align: middle; width: 61%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Financial
results, net</font></font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: right; margin-left: 36px; margin-right: 10px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">(4,455)</font></font></div>
</td>
<td style="vertical-align: middle; width: 22%">
<div style="text-align: right; margin-left: 36px; margin-right: 10px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">(1,489)</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 61%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Income
before income tax</font></font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: right; margin-left: 36px; margin-right: 10px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">1,301</font></font></div>
</td>
<td style="vertical-align: middle; width: 22%">
<div style="text-align: right; margin-left: 36px; margin-right: 10px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">1,287</font></font></div>
</td>
</tr><tr style="background-color: #f2f2f2">
<td style="vertical-align: middle; width: 61%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Income tax
expense</font></font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: right; margin-left: 36px; margin-right: 10px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">(1,240)</font></font></div>
</td>
<td style="vertical-align: middle; width: 22%">
<div style="text-align: right; margin-left: 36px; margin-right: 10px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">(592)</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 61%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Profit
for the period from continuing operations</font></font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: right; margin-left: 36px; margin-right: 10px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">61</font></font></div>
</td>
<td style="vertical-align: middle; width: 22%">
<div style="text-align: right; margin-left: 36px; margin-right: 10px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">695</font></font></div>
</td>
</tr><tr style="background-color: #f2f2f2">
<td style="vertical-align: middle; width: 61%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;"><font style="font-weight: bold; color: #000000">I</font><font style="color: #000000">ncome / (loss) for the period from discontinued
operations after income tax</font></font></font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: right; margin-left: 36px; margin-right: 10px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">13</font></font></div>
</td>
<td style="vertical-align: middle; width: 22%">
<div style="text-align: right; margin-left: 36px; margin-right: 10px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">(351)</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 61%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Profit
for the period</font></font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: right; margin-left: 36px; margin-right: 10px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">74</font></font></div>
</td>
<td style="vertical-align: middle; width: 22%">
<div style="text-align: right; margin-left: 36px; margin-right: 10px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">344</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 61%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Other comprehensive (loss)
/ income for the period</font></font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: right; margin-left: 36px; margin-right: 10px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">(451)</font></font></div>
</td>
<td style="vertical-align: middle; width: 22%">
<div style="text-align: right; margin-left: 36px; margin-right: 10px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">540</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 61%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Comprehensive
net (loss) / income for the period</font></font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: right; margin-left: 36px; margin-right: 10px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">(377)</font></font></div>
</td>
<td style="vertical-align: middle; width: 22%">
<div style="text-align: right; margin-left: 36px; margin-right: 10px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">884</font></font></div>
</td>
</tr><tr style="background-color: #f2f2f2">
<td style="vertical-align: middle; width: 61%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;"><font style="font-weight: bold; color: #000000">Attributable
to</font><font style="color: #000000">:</font></font></font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: middle; width: 22%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 61%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Equity holders of the
parent</font></font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: right; margin-left: 36px; margin-right: 10px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">272</font></font></div>
</td>
<td style="vertical-align: middle; width: 22%">
<div style="text-align: right; margin-left: 36px; margin-right: 10px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">428</font></font></div>
</td>
</tr><tr style="background-color: #f2f2f2">
<td style="vertical-align: middle; width: 61%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Non-controlling
interest</font></font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: right; margin-left: 36px; margin-right: 10px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">(649)</font></font></div>
</td>
<td style="vertical-align: middle; width: 22%">
<div style="text-align: right; margin-left: 36px; margin-right: 10px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">456</font></font></div>
</td>
</tr></table>
</div>
<div><font style="font-family: Arial;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(36, 64, 97); font-size: 13px;">XV.
Comparative Summary Consolidated Cash Flow Data</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 13px;">
<tr style="background-color: #365f91">
<td style="vertical-align: middle; width: 62%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(255, 255, 255); font-size: 13px;">09.30.17</font></font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(255, 255, 255); font-size: 13px;">09.30.16</font></font></div>
</td>
</tr><tr style="background-color: #f2f2f2">
<td style="vertical-align: middle; width: 62%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Net cash generated by
operating activities</font></font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">2,638</font></font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">2,575</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 62%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Net cash used in investing
activities</font></font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">(5,528)</font></font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">(1,240)</font></font></div>
</td>
</tr><tr style="background-color: #f2f2f2">
<td style="vertical-align: middle; width: 62%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Net cash generated by
financing activities</font></font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">4,012</font></font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">238</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 62%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">Net
increase in cash and cash equivalents</font></font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">1,122</font></font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">1,573</font></font></div>
</td>
</tr><tr style="background-color: #f2f2f2">
<td style="vertical-align: middle; width: 62%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Cash and cash equivalents
at beginning of fiscal year</font></font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">24,854</font></font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">13,866</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 62%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Cash and cash equivalents
reclassified to held for sale</font></font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">4</font></font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">(12)</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 62%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Foreign exchange gain on
cash and cash equivalents</font></font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">52</font></font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">22</font></font></div>
</td>
</tr><tr style="background-color: #f2f2f2">
<td style="vertical-align: middle; width: 62%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Cash and cash equivalents
at the end of the period</font></font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">26,032</font></font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">15,449</font></font></div>
</td>
</tr></table>
</div>
<div><font style="font-family: Arial;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"></font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Arial;"><font style="font-size: 11px;">&#xA0;</font></font></div>
<div id="pn" style="text-align: center"><font style="font-family: Arial;"><font style="font-size: 13px;">12</font></font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Arial;"><font style="font-size: 11px;">&#xA0;</font></font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(36, 64, 97); font-size: 13px;">XVI.
Comparative Ratios</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 13px;">
<tr style="background-color: #1f497d">
<td style="vertical-align: bottom; width: 34%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(255, 255, 255); font-size: 13px;">09.30.17</font></font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(255, 255, 255); font-size: 13px;">09.30.16</font></font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 34%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-weight: bold; font-size: 13px;">Liquidity</font></font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
</tr><tr style="background-color: #f2f2f2">
<td style="vertical-align: bottom; width: 34%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">CURRENT
ASSETS</font></font></div>
</td>
<td style="vertical-align: middle; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">72,209</font></font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;1.64</font></font></div>
</td>
<td style="vertical-align: middle; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">58,645</font></font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">1.17</font></font></div>
</td>
</tr><tr style="background-color: #f2f2f2">
<td style="vertical-align: bottom; width: 34%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">CURRENT
LIABILITIES</font></font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">44,038</font></font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">50,329</font></font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 34%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-weight: bold; font-size: 13px;">Indebtedness</font></font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
</tr><tr style="background-color: #f2f2f2">
<td style="vertical-align: bottom; width: 34%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">TOTAL
LIABILITIES</font></font></div>
</td>
<td style="vertical-align: middle; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">192,448</font></font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;7.37</font></font></div>
</td>
<td style="vertical-align: middle; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">160,626</font></font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">7.39</font></font></div>
</td>
</tr><tr style="background-color: #f2f2f2">
<td style="vertical-align: bottom; width: 34%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">SHAREHOLDERS&#x2019; EQUITY
ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT</font></font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">26,107</font></font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">21,740</font></font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 34%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-weight: bold; font-size: 13px;">Solvency</font></font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
</tr><tr style="background-color: #f2f2f2">
<td style="vertical-align: bottom; width: 34%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">SHAREHOLDERS&#x2019; EQUITY
ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT</font></font></div>
</td>
<td style="vertical-align: middle; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">26,107</font></font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;0.14</font></font></div>
</td>
<td style="vertical-align: middle; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">21,740</font></font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">0.14</font></font></div>
</td>
</tr><tr style="background-color: #f2f2f2">
<td style="vertical-align: bottom; width: 34%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">TOTAL
LIABILITIES</font></font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">192,448</font></font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">160,626</font></font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 34%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-weight: bold; font-size: 13px;">Restricted
Assets</font></font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
</tr><tr style="background-color: #f2f2f2">
<td style="vertical-align: bottom; width: 34%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">NON-CURRENT
ASSETS</font></font></div>
</td>
<td style="vertical-align: middle; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">167,145</font></font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;0.70</font></font></div>
</td>
<td style="vertical-align: middle; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">138,994</font></font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">0.70</font></font></div>
</td>
</tr><tr style="background-color: #f2f2f2">
<td style="vertical-align: bottom; width: 34%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">TOTAL
ASSETS</font></font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">239,354</font></font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">197,639</font></font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
</tr></table>
</div>
<div><font style="font-family: Arial;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(36, 64, 97); font-size: 13px;">XVII.
Brief comment on prospects for the next period</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Our businesses in the
operations center in Argentina and Israel have posted sound
operating results in the first quarter of fiscal year 2018. 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 the coming
years.</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">As concerns our operations
center in Argentina, our subsidiary IRSA Propiedades Comerciales
S.A. continues to consolidate itself as the leading commercial real
estate company in Argentina, as its main shopping mall and office
businesses keep recording positive growth levels. Our
tenants&#x2019; sales recovered slightly from the figures recorded
at year-end, occupancy remains significantly high and the public
keeps choosing each of our proposals; besides, top-notch domestic
and international corporations continue to select our office
spaces.</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">In the next fiscal year, we
plan to make progress in the commercial developments already
launched, including the 4,000 sqm expansion of our Alto Palermo
shopping mall, the development of the 32,000 sqm office building in
the commercial complex adjoining our Dot Baires shopping mall, and
the &#x201C;Catalinas&#x201D; building in Buenos Aires. In addition,
in fiscal year 2018 we expect to carry out expansion works in some
of our shopping malls for approximately 21,000 of GLA. We will
build 2,200 sqm to add 6 cinema screens in Alto Comahue, a large
store of 3,000 sqm in Alto Rosario shopping mall, and a 12,700 sqm
Sodimac store in Mendoza Plaza Shopping, and we will expand Alto
Avellaneda, our shopping mall located in the southern region of
Buenos Aires, by 3,500 sqm. In addition, we will continue working
on optimizing the performance of our current properties through
improvements that allow us to take best advantage of their GLA
potential and to furnish them with increased functionality and
appeal for the benefit of consumers and tenants
alike.</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">We will continue to promote
marketing actions, events and targeted promotions at our shopping
malls to attract consumers, through the joint endeavors of the
Company, the retailers and the credit card issuer banks, as these
actions have proved to be highly effective and are welcomed by the
public.</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">We are optimistic about the
opportunities that may arise in Argentina for fiscal year 2018. We
have a large reserve of lands for future shopping mall and office
development projects in an industry scenario with high growth
potential.</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">As concerns our investments
outside Argentina, we will continue working in the improvement of
the operating ratios of our &#x201C;Lipstick&#x201D; building in New
York and backing the new strategy of selectively selling low-class
hotels and replacing them with higher-class hotels, that is being
developed by the &#x201C;Condor Hospitality Trust&#x201D; hotel REIT
(NASDAQ: CDOR), which made a capital increase in March this year
and in which we hold 28.5% of its capital stock and voting
rights.</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Arial;"><font style="font-size: 11px;">&#xA0;</font></font></div>
<div id="pn" style="text-align: center"><font style="font-family: Arial;"><font style="font-size: 13px;">13</font></font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Arial;"><font style="font-size: 11px;">&#xA0;</font></font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Regarding our investment in
the Israeli company IDBD, we are much pleased with the results
obtained in the past fiscal year, following the sale of the
agrochemical company ADAMA, the improvement in the listing price of
Clal Insurance company, which is recorded at fair value, and the
recent debt issues made by different companies, which refinanced
short-term debt at very attractive rates. In 2018, we will continue
to work towards deleveraging the company, selling non-strategic
assets in its portfolio and improving the operating margins of each
of its operating subsidiaries.</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 13px;">Taking into account the
quality of the real estate assets in our portfolio, the
Company&#x2019;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 Israel. Moreover, in line with our
continuous pursuit of business opportunities and having in mind the
general and specific conditions of the national and international
markets, we keep evaluating different actions to optimize our
capital structure. As concerns our operations center in Argentina,
to keep increasing the liquidity of our controlled company IRSA
Propiedades Comerciales S.A., the Company could make additional
sales of the shares held by it in such company, in one or more
tranches, in the over-the-counter market or through a private sale,
aps agreed by the Company&#x2019;s shareholders in due course. As
concerns our operations center in Israel, in this fiscal year the
Company will analyze the possibility of increasing its interest in
IDB Development Corporation Ltd. through the purchase of shares
held by its related parties.</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div><font style="font-family: Arial;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div><font style="font-family: Arial;">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div id="pn" style="text-align: center"><font style="font-family: Arial;"><font style="font-size: 13px;">14</font></font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
</div>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>grafico2.jpg
<DESCRIPTION>IMAGE
<TEXT>
begin 644 grafico2.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  (! 0(! 0(" @(" @(" P4# P,#
M P8$! ,%!P8'!P<&!P<("0L)" @*" <'"@T*"@L,# P,!PD.#PT,#@L,# S_
MVP!# 0(" @,# P8# P8," <(# P,# P,# P,# P,# P,# P,# P,# P,# P,
M# P,# P,# P,# P,# P,# P,# P,# S_P  1" ', S,# 2(  A$! Q$!_\0
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M:XC5OWD-BFA2Q2RG'2/S)88R2,%ID&>:^A;W]B?X4:A^RQ_PI*3P)H ^%?\
M9_\ 9B^'HX3';11!MX=&4B1)Q+^]$ZL)A-^]#B3YZA^!?[$GPZ_9U\=:AXI\
M/Z=K]]XJU+3X](EUSQ+XHU7Q/JD=BDC2K:176I7-Q-#;^8Q<PQ,J,X#%25!
M!ZQ7.>,],\6WU]$WA[6_#FEVPCQ+'J.B37[N^3R&2[A &,<%3]>U='10!PWP
M7\6>(/'G@6:\U*ZT;[?;ZKJ6F,]K821PO]DO[BUWA#.Y&X0AL;S@L1FNL>#4
M#OVW5F,XV9M6.WUS^\Y_2N._9M;=\/-1^8-_Q5/B,9!S_P QN^XZ#_/K7?4
M4G@U []MU9C.-F;5CM]<_O.?TH>#4#OVW5F,XV9M6.WUS^\Y_2KM% %)X-0.
M_;=68SC9FU8[?7/[SG]*'@U []MU9C.-F;5CM]<_O.?TJ[10!2>#4#OVW5F,
MXV9M6.WUS^\Y_2AX-0._;=68SC9FU8[?7/[SG]*NT4 4G@U []MU9C.-F;5C
MM]<_O.?TH>#4#OVW5F,XV9M6.WUS^\Y_2KM% %)X-0._;=68SC9FU8[?7/[S
MG]*'@U []MU9C.-F;5CM]<_O.?TJ[10!2>#4#OVW5F,XV9M6.WUS^\Y_2AX-
M0._;=68SC9FU8[?7/[SG]*NT4 4G@U []MU9C.-F;5CM]<_O.?TH>#4#OVW5
MF,XV9M6.WUS^\Y_2KM% %)H-0^;%U9_< 7-JW#<9)_><@_-@<8R.3CD:#4/F
MQ=6?W %S:MPW&2?WG(/S8'&,CDXYNT4 4F@U#YL75G]P!<VK<-QDG]YR#\V!
MQC(Y..1H-0^;%U9_< 7-JW#<9)_><@_-@<8R.3CF[10!2:#4/FQ=6?W %S:M
MPW&2?WG(/S8'&,CDXY&@U#YL75G]P!<VK<-QDG]YR#\V!QC(Y..;M% %)H-0
M^;%U9_< 7-JW#<9)_><@_-@<8R.3CD:#4/FQ=6?W %S:MPW&2?WG(/S8'&,C
MDXYNT4 4F@U#YL75G]P!<VK<-QDG]YR#\V!QC(Y..1H-0^;%U9_< 7-JW#<9
M)_><@_-@<8R.3CF[10!2:#4/FQ=6?W %S:MPW&2?WG(/S8'&,CDXY&@U#YL7
M5G]P!<VK<-QDG]YR#\V!QC(Y..;M% %)H-0^;%U9_< 7-JW#<9)_><@_-@<8
MR.3CD:#4/FQ=6?W %S:MPW&2?WG(/S8'&,CDXYNT4 4F@U#YL75G]P!<VK<-
MQDG]YR#\V!QC(Y..1H-0^;%U9_< 7-JW#<9)_><@_-@<8R.3CF[10!2:#4/F
MQ=6?W %S:MPW&2?WG(/S8'&,CDXY&@U#YL75G]P!<VK<-QDG]YR#\V!QC(Y.
M.;M% %)H-0^;%U9_< 7-JW#<9)_><@_-@<8R.3CD:#4/FQ=6?W %S:MPW&2?
MWG(/S8'&,CDXYNT4 4F@U#YL75G]P!<VK<-QDG]YR#\V!QC(Y..1H-0^;%U9
M_< 7-JW#<9)_><@_-@<8R.3CF[10!2:#4/FQ=6?W %S:MPW&2?WG(/S8'&,C
MDXY&@U#YL75G]P!<VK<-QDG]YR#\V!QC(Y..;M% %)H-0^;%U9_< 7-JW#<9
M)_><@_-@<8R.3CD:#4/FQ=6?W %S:MPW&2?WG(/S8'&,CDXYNT4 4F@U#YL7
M5G]P!<VK<-QDG]YR#\V!QC(Y..1H-0^;%U9_< 7-JW#<9)_><@_-@<8R.3CF
M[10!2:#4/FQ=6?W %S:MPW&2?WG(/S8'&,CDXY&@U#YL75G]P!<VK<-QDG]Y
MR#\V!QC(Y..;M% %)H-0^;%U9_< 7-JW#<9)_><@_-@<8R.3CD:#4/FQ=6?W
M %S:MPW&2?WG(/S8'&,CDXYNT4 4F@U#YL75G]P!<VK<-QDG]YR#\V!QC(Y.
M.1H-0^;%U9_< 7-JW#<9)_><@_-@<8R.3CF[10!2:#4/FQ=6?W %S:MPW&2?
MWG(/S8'&,CDXY&@U#YL75G]P!<VK<-QDG]YR#\V!QC(Y..;M% %)H-0^;%U9
M_< 7-JW#<9)_><@_-@<8R.3CD:#4/FQ=6?W %S:MPW&2?WG(/S8'&,CDXYNT
M4 4F@U#YL75G]P!<VK<-QDG]YR#\V!QC(Y..1H-0^;%U9_< 7-JW#<9)_><@
M_-@<8R.3CF[10!2:#4/FQ=6?W %S:MPW&2?WG(/S8'&,CDXY&@U#YL75G]P!
M<VK<-QDG]YR#\V!QC(Y..;M% %)H-0^;%U9_< 7-JW#<9)_><@_-@<8R.3CD
M:#4/FQ=6?W %S:MPW&2?WG(/S8'&,CDXYNT4 4F@U#YL75G]P!<VK<-QDG]Y
MR#\V!QC(Y..1H-0^;%U9_< 7-JW#<9)_><@_-@<8R.3CF[10!2:#4/FQ=6?W
M %S:MPW&2?WG(/S8'&,CDXY&@U#YL75G]P!<VK<-QDG]YR#\V!QC(Y..;M%
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M+3X](EUSQ+XHU7Q/JD=BDC2K:176I7-Q-#;^8Q<PQ,J,X#%25!'K% !1110
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M%F",?\)1/G(ZC^Q=4K^=L;_O%3_$_P S]4P_\*/HCO****YC8**** "BBB@
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MVK'?MO=.&4 3-DYVMW)_>\CVX^M#VVK'?MO=.&4 3-DYVMW)_>\CVX^M:-%
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M\#?&WC-?[.U+_A$O#][K269@>+[2UM;O,4+[VVAMF,[3MSGG&*[VO*/V\?\
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MS_PCT/B*Y\':U%X7FOO/:W\E=;:T&FL?/1HMPN=OF*4SN&*^A* "BOGCQ_\
M\%5_@1\,_$&NV>J>,;]K+PIJR:#K^O6'AG5M1\-^';]GB0VU_K%O;2:?9RQM
M-$)5GN$,/F+YFS-=5\9OVZ/AE\"?'.F^%M8UG5M5\5ZMIK:S;Z#X6\.:GXIU
M;^SPZQ_;7L],M[B>*U,C*@GD18V<[0Q;B@#UVBO)--_;O^#VJ?LJGXWI\0O#
MD/PJ2T-Y)XBN9S;6]N _EF*19 LD=P)?W1MW43"7]V4\SY:A^"G[>/PS^/GQ
M2N_ ^BZEXCTOQG:::NL?V%XI\):OX6U*YLC(T7VF"#4[6WDN(5D4J[PJZHQ4
M,5++D ]AHHHH X']FU=OP\U'Y0O_ !5/B,X Q_S&[[GJ?\^E=]7 ?LU8_P"%
M=ZCMZ?\ "5>(_3K_ &W?9Z?_ *_7FN_H **** "BBB@ HHHH **** "BBB@
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M\@= >"+_ (*,>'K"<1ZQX7\5Z8Y8(08$;:QR>C,AZ#D8W#GC'-?1%(Z"1"K
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M[%^F?\2B_P!/\0>#7>.",7L1E&FNY1%W*K1LJ[FV_*=AV@D1EL5]75QOQ_\
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M6UAKZO$]I<W>HW;QQ%9$WYW,_6,./NGEOQK@=1_8B\<:GI\\#W7A7,T;)O\
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M\?C_ '^-P_U70<X/? X&>/*OVZKC4F_8B^,@DM+%(_\ A ]9+,MVS$-]@FW
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M5,J5,8X]P<\=*S_V#O\ DQSX,_\ 8BZ)_P"F^"MOXO+GX@_"SDC'BB<D#O\
M\275/\_A7\[8W_>*G^)_F?JF'_A1]$=Y1117,;!1110 4444 %%%% !1110
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MTXKOJ "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
MHKA/C1^T!I?P/FTJ/4=/U:_?5Q,819+"=GE;-VXRR(!DR*!R>^<"L+X?_M?Z
M#\0O&EAH<.C>)+"?4C(L,]Y# (/DB>4Y*3,1\B9SC^)?6@#UBBN%\5?M,^ ?
M!>X7_BO2-Z LT5O+]JE&.OR1!F].,=Q7G&J_\%#O#=S?&S\.:!XC\27F"1';
MPJH;!QP 6D/0_P '\)[\4 ?0->9?M#_M"S_ Z[T6"WT2'6)-72X?][?_ &-8
M1$8AU\M\Y,P], $\XKS\_&'XZ_$8[-$\!V?AF"0_Z_4CEX1D_P#/1D+#@9_=
M@X/&#Q7,>/OV?OC#XAU/3M0U^ZC\7NL4R+;64\$ L VPD'?Y*L7Y!V\80#(X
M- %_Q;^UYXS^)MA!X<\+^'+?2M9UZ9;:"YBU)KF2.,[B[+^Y0)A027R=NU^
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MC3X#\;3^/?B,D_@;3KNP?1[?5UMM%\2M<1HAN=1LXXUCFFCVEHRH149V(7&
M #Y#\=_"[XX?\$B_V<?C/\1_!?B_X4_$#P1I?B/7_BGJ?A36?"E_I.JS6=Q<
MR7UY9P:M'J4\2RI#O6)WL'#,JA@H/RW/^"7/Q3M?CW_P4:_:\\9*]Y*VHP>!
M&TM;R%5ELM*GT'[;;Q#'(!>YF8KTW$L"=V:]9\=?\$Q[;XN>'[KPMXU^-7QP
M\9_#._O'N+SP3JFHZ7_9]] 96E6RGO8K!-5FME8@;)+YBZ(J2-(FY3N_$_\
MX)[Z+XI^.I^)7@GQSX]^#?C*\T./PWJUYX-.F&'7;"%P]K'<VNHV5W;[[?\
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M>9^8*QZ9[?EUKY6KZN_X(@_\I0OAC_W%?_33>U^ZYW_R+L1_@G_Z2S\WR_\
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M$W7@OXE^"I+M?"?CWPWX7UV34?#5TZ-#+Y4T-ILNK*928YH-YAN(F.&!V2*
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MU\?OB[K'Q8UV(BW@E>QT"W;E84!(9LD<[5VK\O'F-*>H& #UO]GOX/V_P/\
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MO]E'X077CSQUJESI7ABSFM;:2YMM,N]1F:6YGCMX$2WM8I)G9Y98U 1#][G
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M?_<JGH?B97W_ /\ !N-</:_MM>+'2"6Y8>!KH".,J&.=1TX?Q$#CKU[>O%?
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M.?6[E=^-(U%MJ!AAX/G/]T?O.H]\#WH?6[E=^-(U%MJ!AAX/G/\ ='[SJ/?
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M 'JE_BC^:/Z"J***_G<_5#RC]O'_ ),<^,W_ &(NM_\ IOGK^9ZOZ8?V\?\
MDQSXS?\ 8BZW_P"F^>OYGJ_6/#O_ ':M_B7Y'Q/%7\6'H>K_ +!W_)\?P9_[
M'K1/_3A!7],-?S/?L'?\GQ_!G_L>M$_].$%?TPUY?B)_O%'_  O\SLX5_A3]
M0KRC]O'_ ),<^,W_ &(NM_\ IOGKU>O*/V\?^3'/C-_V(NM_^F^>OA<#_O-/
M_$OS/I,1_"EZ,_F>HHHK^DC\E/ZN****_F,_8 K^4>OZN*_E'K].\.?^8C_M
MS_VX^/XK_P"77_;WZ!7]7%?RCU_5Q1XC?\P__;__ +:'"G_+W_MW]0HHHK\Q
M/L#^9[]O'_D^/XS?]CUK?_IPGKRBO5_V\?\ D^/XS?\ 8]:W_P"G">O**_I+
M _[M3_PK\C\EQ'\67JS^F']@[_DQSX,_]B+HG_IO@K:^,!Q\0OA5\VW/BF?
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M_!;[_E*%\3O^X5_Z:;*OE&OZ(R3_ )%V'_P0_P#24?E>8?[U5_Q2_-G[9_\
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M4>(W_,/_ -O_ /MH<*?\O?\ MW]0HHHK\Q/L#^9[]O'_ )/C^,W_ &/6M_\
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M  LVVLO#6@:9=6_BOPS9^&81;>++V2)%AN8[B622XLDAD$CB)7DW!PK.=N6
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MSG^Z<9XR-K=R-W_$HU$[<8P\'S9QG'[SMDYS_=.,\9T:*_G<_5#.;6[D;O\
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M]KMDND3/)NY+-EF()YZ XKUN76;B-W TG4'V$ %7@P^<=,R=LGKC[I]LZ%%
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M_8#.?6[E=^-(U%MJ!AAX/G/]T?O.H]\#WK^5BOZN*_E'K].\.?\ F(_[<_\
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MI_$'_D70_P :_P#29'C\+_[U+_"_S1]74445^/'WA_/K_P %OO\ E*%\3O\
MN%?^FFRKY1KZN_X+??\ *4+XG?\ <*_]--E7RC7]$9)_R+L/_@A_Z2C\KS#_
M 'JK_BE^;/VS_P"#;C_DQSQ5_P!CU=_^F_3J_06OSZ_X-N/^3'/%7_8]7?\
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M6DLHQ]@T\<%5()XZ#GVK\6*_;/\ X-N/^3'/%7_8]7?_ *;].K[KCG_D5/\
MQ(^;X<_WU>C/O1_%%M'OS'J/[M YQI\YR#Z?)R?8<^U#^*+:/?F/4?W:!SC3
MYSD'T^3D^PY]JT:*_%#]"/R:_P"#FG5(]0D^"BHMPIC&N,?,MY(@=W]G8P6
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M>8?[K5_PR_)G\^M?5W_!$'_E*%\,?^XK_P"FF]KY1KZN_P""(/\ RE"^&/\
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M&W'_ "?'XJ_[$6[_ /3AIU?GU7Z"_P#!MQ_R?'XJ_P"Q%N__ $X:=7[#Q/\
M\BJO_A/@\H_WVGZG[9T445^ GZ<?GU_P<C_\F.>%?^QZM/\ TWZC7XF5^V?_
M  <C_P#)CGA7_L>K3_TWZC7XF5^U\"_\BM?XF?GO$?\ OK]$?5W_  1!_P"4
MH7PQ_P"XK_Z:;VOZ"J_GU_X(@_\ *4+X8_\ <5_]--[7]!5?'>(/_(QA_@7_
M *5(][A?_=9?XG^2"OE'_@M]_P HO?B=_P!PK_T[65?5U?*/_!;[_E%[\3O^
MX5_Z=K*OF,D_Y&.'_P </_2D>QF'^ZU?\,OR9_/K7U=_P1!_Y2A?#'_N*_\
MIIO:^4:^KO\ @B#_ ,I0OAC_ -Q7_P!--[7[KG?_ "+L1_@G_P"DL_-\O_WJ
ME_BC^:/Z"J***_G<_5#RC]O'_DQSXS?]B+K?_IOGK^9ZOZ8?V\?^3'/C-_V(
MNM_^F^>OYGJ_6/#O_=JW^)?D?$\5?Q8>AZO^P=_R?'\&?^QZT3_TX05_3#7\
MSW[!W_)\?P9_['K1/_3A!7],->7XB?[Q1_PO\SLX5_A3]0KRC]O'_DQSXS?]
MB+K?_IOGKU>O*/V\?^3'/C-_V(NM_P#IOGKX7 _[S3_Q+\SZ3$?PI>C/YGJ*
M**_I(_)3^KBBBBOYC/V *_E'K^KBOY1Z_3O#G_F(_P"W/_;CX_BO_EU_V]^@
M5_5Q7\H]?U<4>(W_ ##_ /;_ /[:'"G_ "]_[=_4****_,3[ _F>_;Q_Y/C^
M,W_8]:W_ .G">O**]7_;Q_Y/C^,W_8]:W_Z<)Z\HK^DL#_NU/_"OR/R7$?Q9
M>K/Z8?V#O^3'/@S_ -B+HG_IO@K:^, S\0OA5\F['BF?!X^3_B2:KS_3\:Q?
MV#O^3'/@S_V(NB?^F^"MKXP#/Q"^%7#'_BJ9^AQC_B2:KU]?_P!5?SMC?]XJ
M?XG^9^J8?^%'T1WM%%%<QL%%%% !1110 4444 %%%% !1110 4444 %%%% !
M1110!\:_\%F?%>I7W@7X*?#&UU+4M(TCXW?%71O!OB.XT[5)=-O)=(83W5W;
M1SQ%9$\^.V\EMC E)'7^*O/_ (T?!'P;_P $_O\ @J5^RQ<?!GPGX;^&NF?&
M"ZUWPAXRT3PSI\.DZ7X@MK?3I;ZSGGMH%6)KBVF60I+LW[9G0N%.*^B/^"C?
M['6K?M@?"'PX/">M:=X?^(?PS\4V'COP=>:G#)-IIU6Q+F."[1"'^SS(\D+L
MH9D$N]5=D"GGO#G[-'Q1^/?[8W@3XJ_&&R\ ^%-.^$5A?KX3\-^%->N]?^U:
MG?Q-;W-_=W=S8V6U8[7]U%!' 3NFE=I<;8Z /J.N9\:_%K2_ .I16E]:^)IY
M9HQ*K:;X<U'4HP"VW#26T$B*V?X20<<XQS7344 >&?L__'G0]'\!7T<MCXT8
MR>)-=G'D^#M7F 676+R102EJ0& <;E/S(P96 96%>8?\%3?$LW[2/[!WCKP9
MX+\->/\ 6?$NM?V?]CLSX-U:V\[R]1M)G^>:V1%Q&C'YF'W2.O%?2WP8\,WO
MA+PA>6NH0^1/+KNL7JKO5LQ7&IW4\39!(^:.1&QU&<$ @BNLK?"XB6'K0KPW
MBTU?R=S.M256G*G+9IK[S^;9?^":WQ^;'_%H/'_..NCR^WM[C]?0U]!?\$K_
M -D7XK?LY?MX^!/&?C/X9^/]&\-:/]O^V7A\/W=QY/FZ=<0Q_)%&SG,DL8X4
MXR2<!6(_<>BOK,5QSC\11G0G"%I)IV3ZJW\QXE'AS#4JD:D92NFGNNGR. 7]
MI7PZV/\ B7>/^<=? NM^W_3I[C]?0U7LOVJ?">I7%S%;V_CB:6RE$%RB>"-:
M9K>0I'($<?9/E;9+&V#@[7!Z5Z/7)_#OPQ>Z!XO\>75U$(X-;UV*]LVWAO-B
M73+" M@'(_>02#!P?EST(-?&'OGE7[6?Q=L?B?\ LJ?$SPWH>B>/[W6O$7A3
M5-,T^V/@G68OM%Q/9R1Q)N>U55R[J,L0!SD@ X_#=?\ @FM\?FQ_Q:#Q_P X
MZZ/+[>WN/U]#7])-%?0Y-Q+BLLA*G0C%J3OJG^C1Y>/RFCC)*55M6[6_R9_/
MO^R1^P;\:OAG^U7\,O$FM_"GQ_8Z+H'BS2M3O[DZ'<2?9[>&\ADD?:BEFVH"
M<*"3@X!(K]R5_:5\.MC_ (EWC_G'7P+K?M_TZ>X_7T-=_17/G.>8C,YQG723
MBK:7_5LUP&74L'%QI-N_?_AD><0_M4^$Y]3ELDM_'#7D$4<\MN/!&M>;%'(6
M5'9?LF0K%' )X)C?^ZV.%_:S^+MC\3_V5/B9X;T/1/'][K7B+PIJFF:?;'P3
MK,7VBXGLY(XDW/:JJY=U&6( YR0 <>JZ/X8O;3XX^(M9>(#3K_0M+LH)=X^>
M6"XU%Y%VYR,+<1')&#NXZ''65Y5*HZ<U4CNG?[CMG%2BXOJ?S;+_ ,$UOC\V
M/^+0>/\ G'71Y?;V]Q^OH:%_X)K?'YL?\6@\?\XZZ/+[>WN/U]#7])-%?;?\
M1!S'^2'W2_\ DCYW_5?"_P TOO7^1P"_M*^'6Q_Q+O'_ #CKX%UOV_Z=/<?K
MZ&J\/[5/A.?4Y;)+?QPUY!%'/+;CP1K7FQ1R%E1V7[)D*Q1P">"8W_NMCT>N
M3T?PQ>VGQQ\1:R\0&G7^A:7902[Q\\L%QJ+R+MSD86XB.2,'=QT./A3Z0S%_
M:5\.MC_B7>/^<=? NM^W_3I[C]?0U_/JO_!-;X_-C_BT'C_G'71Y?;V]Q^OH
M:_I)HKW<EX@Q.5\_U>,7SVO>_2_9KN>;F&5TL9R^U;7+?;S^3['\VR_\$UOC
M\V/^+0>/^<=='E]O;W'Z^AK^@I?VE?#K8_XEWC_G'7P+K?M_TZ>X_7T-=_11
MG7$&)S3D^L1BN2]K7ZV[M]@R_*Z6#YO9-OFMOY?)=SSA_P!JGPG'J<-DUOXX
M6\N8GGBMV\$:T)9(T,:NX7[)DJIEC#'H"XSBK"_M*^'6Q_Q+O'_..O@76_;_
M *=/<?KZ&M/6/#%[=_''P[K*1 Z=8:%JEE/+O'R2SW&G/&NW.3E;>4Y P-O/
M49ZRO"/2/Y]_VL_V#?C5\3_VJ_B9XDT/X4^/[W1?$7BS5-3T^Y.AW$7VBWGO
M))(GVNJLN4=3A@".<@$''GR_\$UOC\V/^+0>/^<=='E]O;W'Z^AK^DFBOMZ7
M'N84X*G&$+)6VET_[>/GI\-864G)REKYK_(^?OV2/B[8_#/]E3X9>&];T3Q_
M8ZUH'A32M,O[8^"=9D^SW$-G#'(FY+4JVUP1E20<'!(%=U=?M4^$[&XM(I[?
MQQ!+?R^1;))X(UI&N)-AD*(#:?,P178@<A4<]%;'H]<G\1/#%[K_ (O\!W5K
M$)(-$UV6]O&WA?*B;3+^ -@G)_>3QC R?FST!-?%U:CJ3<WNW<]^$5&*BNAF
M+^TKX=;'_$N\?\XZ^!=;]O\ IT]Q^OH:_'?_ (*F_LB_%;]I']O'QUXS\%_#
M/Q_K/AK6O[/^QWA\/W=MYWEZ=:0O\DT:.N)$8?,H^Z3TYK]QZ*]/)\XK9;6=
M>@DVU;6_=/HUV.3'X"GBZ:IU&TD[Z?T^Y_-LO_!-;X_-C_BT'C_G'71Y?;V]
MQ^OH:_8?_@E?XEF_9R_8.\">#/&?AKQ_HWB71_M_VRS/@W5KCR?-U&XFC^>*
MV9#F.6,\,<9(."K ?85%=V<<4XO,J*H5XQ23OHGV:ZM]SFP&34<)4=2FVVU;
M6W^2['G&H?M4^$])MTEN[?QQ:Q22Q0*\W@C6HU,DKI'&F3:#YF>1% ZEFP.:
ML+^TKX=;'_$N\?\ ..O@76_;_IT]Q^OH:T_C-X8O?%WA"SM;"(33Q:[H]ZRE
MPN(K?4[6>5LD@<1QN<=3C R2!765\V>L?AQ_P5-_9%^*W[2/[>/CKQGX+^&?
MC_6?#6M?V?\ 8[P^'[NV\[R].M(7^2:-'7$B,/F4?=)Z<U\^K_P36^/S8_XM
M!X_YQUT>7V]O<?KZ&OZ2:*^SPO'./P]&%"$(6BDE=/HK?S'@5N',-5J2J2E*
M[;>ZZ_(_/S_@B1IFM?LC?LJ:_P"&_B'X0\?^'M:OO%EQJ<%L?"6IW6^W>SL8
MU?=! ZC+QN,$@C:<C%?7FH?M4^$])MTEN[?QQ:Q22Q0*\W@C6HU,DKI'&F3:
M#YF>1% ZEFP.:]'KD_C-X8O?%WA"SM;"(33Q:[H]ZREPN(K?4[6>5LD@<1QN
M<=3C R2!7R^.QD\7B)8FHDG)W=MCV<-0C0I*E#9&8O[2OAUL?\2[Q_SCKX%U
MOV_Z=/<?KZ&ORX_X+9_L^_$+]KS]JOP_XD^'GP]\?^(-%L_"EMIDUR?#5]:;
M+A;R[D9-L\2-PD\9R!CYCSE6Q^PU%;Y5FE7+\1]9HI-V:UO;7T:,L;@X8JE[
M*HW;R/YME_X)K?'YL?\ %H/'_..NCR^WM[C]?0U^HW_!$C3-:_9&_94U_P -
M_$/PAX_\/:U?>++C4X+8^$M3NM]N]G8QJ^Z"!U&7C<8)!&TY&*_0.BO6S7BW
M&9AA_JU:,4KIZ)WT]6SBP624,+5]K3;OYV_R/.-3_:I\)Z)IEQ>WMOXXL[.T
MB:>>XG\$:U'%!&H#,[LUH J@<DG@ '/0XL+^TKX=;'_$N\?\XZ^!=;]O^G3W
M'Z^AK3^/'AB]\;_ [QGHVFQ"?4=7T*^LK6(N$\R62W=$7<2 ,LP&2<"NLKY<
M]@_+O_@NO\-?%W[9G_"J_P#A6W@?Q_XC_P"$=_M;^T<^%M0L_L_G_8/*_P"/
MB&/=N\N3[N<;3G%?GTO_  36^/S8_P"+0>/^<=='E]O;W'Z^AK^DFBOK,MXQ
MQN!PT<+2C%QC?=.^K;Z27<\3%Y#A\36=:;=WVMVMV/R[_P""$GPU\7?L;_\
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MC_BT'C_G'71Y?;V]Q^OH:%_X)K?'YL?\6@\?\XZZ/+[>WN/U]#7])-%?;?\
M$0<Q_DA]TO\ Y(^=_P!5\+_-+[U_D< O[2OAUL?\2[Q_SCKX%UOV_P"G3W'Z
M^AJO#^U3X3GU.6R2W\<->011SRVX\$:UYL4<A94=E^R9"L4< G@F-_[K8]'K
MD]'\,7MI\<?$6LO$!IU_H6EV4$N\?/+!<:B\B[<Y&%N(CDC!W<=#CX4^D,Q?
MVE?#K8_XEWC_ )QU\"ZW[?\ 3I[C]?0U_/JO_!-;X_-C_BT'C_G'71Y?;V]Q
M^OH:_I)HKW<EX@Q.5\_U>,7SVO>_2_9KN>;F&5TL9R^U;7+?;S^3['\VR_\
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M** "BN-_:&^/7AK]ESX'>*OB)XQNY;'POX-TV;5-2GB@:>1(8UR=J*"S,>@
M[D5\X_LI?M[:E_PS???'W]H3QA\-_A5\-_B-=6U[X!TB]U*WBDT?3'A+0"[O
MC+Y=Q>7*CSC#$#Y(RNYB&" 'V!161X$\?:%\4O!VG>(?#&M:3XC\/ZO"+FPU
M/2[R.\L[V(])(I8R4=3V*DBM>@ HHHH **^)_@+^WY>^(8OBC^T%\4/B/X6^
M'7[.GAO6M2\'>&=&NK6.*6X>QOOL<NIWMT^9?M$MS!<)#:Q!1Y3H65Y#Q],?
MLS_M4_#O]LCX5V_C;X7^+]&\:^%[F5[<7VG2[A%,F"T4B$!XI &4E'56 =3C
M# D ] HHHH **I>(_$5CX0\/7^K:I=V^GZ9I=O)=WEU<.(XK:&-2[R.QX"JH
M))/0 U^6?[07_!3KX[>)+;0OVJO!]L_A+]C[X>>)["ROM/O]/_XG/Q'T2[N/
ML5YKXC8>9!9P&:&2UC&UY0'FDPFT  _5FBF6US'>6Z30NDL4JAT=&W*ZGD$$
M<$$4^@ HHHH **_/#]K'_@HS^T!K,OQW\4_ '2OA(_P[_9<N+FU\6-XLEN9=
M2\67UE9Q7VH6EF('5+2.&WEVB68,9)UV@*JL3]I_ /\ :,\+_M#^"=+U/1-6
MTF:_O-,M=1O-*AU"*XN]),T:OY4Z(24922IR!RIH [RBBB@ HHKXX_:!_; ^
M/7Q,_:<\;?"_]FCPW\*;Z^^$-KI\_C+4_B!?7L5O<75] ;FWTVRCM!O$GV?9
M(UQ*?+7S44*2&( /L>BOE[_@FQ_P4WT3]OG2_%OA[4]$;P!\8OAAJ#Z/XX\$
M7-]'>3:-<J[)YD4\?RW%NS*P$B@892I X+?4- !1110 45\H_M=_M:_%J;]J
MO2O@-\ -+^';?$+_ (1-O'6N:UX\-VVC:5IC736=M%'!:,LT]Q/<1S G>B0I
M"6.\NJU6_8J_X*+>)?'7QQOO@3\?/!ME\,/CSI5FVHVEO87+W/A_QQ8+PU_I
M%PX#,J_QP2?O8QUSM?8 ?6]%%% !117RS_P4\_X**ZQ^P%IGP\_X1GX9ZW\6
M=;\8ZQ<B[T31IMNH6VC6-G+=ZC?0)M(FDAC1 L1*!VE5=X9E! /J:BN%_9L_
M:3\$_M>?!+0/B)\.]?L_$OA'Q+;BYL;ZV)YYPT;J<-'*C H\;@,C*RL 017=
M4 %%%% !17SI^W?^U_XN^!^O>!?AS\*/"NE^,_C)\4YKM= L]8NWM-&TJTLT
M22\U+4)8PTBV\0EB4*@+R23(B\FLG_@GQ^VOXZ^.GCOXC?"OXS>#M&\#_&7X
M4R64NJ0:'>2W>BZ[I][&[VNHV,DJJ_E.T4R,C9:-H\,03M4 ^H:*** "BBO"
M_P!NW]KC5?V7O!_A?3?!OA4>._BA\2M:'AOP=X?>[^R075WY$MQ+<7,V&,=K
M;V\$TTK!2=L84<L" #W2BOCW]B+_ (*#>-]?^*?Q(^%/[26D?#OX=_$OX=3Z
M9)'?:%K9;0/%%IJ2W#6LEF;DK,L@-M*C12?.<!@H!P/L*@ HHHH **J:]<7=
MIH=Y+I]O'>7\<#O;6\DOE)/*%)1"^#M!. 3@XSG%?G1_P2)_X+9>(_VE[_PU
MX$_:'\.Z7\/?B-\0;2;7/ ^H62O%HGC"T$KK-90&1BT>H64@>":W=M^8MPSG
MD _2*BJVD:Q:>(-,@O;"ZM[VSN4$D,]O()(I5/1E8$@CW%6: "BBO*?VW?VP
M_"?[ _[+GBWXL>-O[0?P_P"$K99I8+"#SKF[EDD6*&&-> &>5T7<Q5%W%G95
M5F !ZM17RS\"OVQKSX&?LVZ;X\_:M^)7PA^'NH_$;4FU+0M-&LVUK8:)8S1Q
M&WTV.\DD U"6-#YDMP@"EI7*@1*IKZ:T#Q!8>+-#L]3TN]M-2TW4(4N;6[M9
MEF@N8G 9)$=2596!!!!((- %RBBB@ HILTRV\+.QPJ LQ] *^%/V5?\ @IE
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MQ?:/I_B+Q)I^G?V?X*T[3([>/PZL,9+W5RQ!D^W7+OODB#^7 $C10&#U]44
M%%%?FW\-]=_:E_X*$Z1XV^,/PJ^/6A?#J7PIXOUKPSX>^&U[X7M[[1IDTN[F
MM?*UB<G[6EQ<F,2,T+ 0I)'L1CDD [?_ ()^?\%K++]JGXUR>!?B#X.G^%]_
MXVN+[4_A1?W4_F6'Q&T.">2(36\O07:K'O> G)21'0%3QX9>?LF^(?\ @D!^
MW1;_ ! _X5YXY^.?[-:0ZD/!VG>'+ :OJGP4O=3N!<7X@TX9EN+:X=<"XC.^
M&(O&1R3-Z=X<\0?"'_@K#^P1XX^'OQ7\%3?!3QG^SXXC\2:)I?[G4?A;J%K
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MB74!WR$%88B;A4>9@5C21F; 4D '#?"3X<?M4?\ !+"]N?AS\/\ P#_PT_\
M N,,W@KS_%EEH7B/P-#D[-+N9;Q@EY9Q_*L4JDRHN05*JB#Z*_X)C_LH:O\
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MX>(KIOB'\0888X_!FF:G)+X;\ :;&6>"P@CX2XO/G)N+Q@2[_+'MC7YP!/\
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M **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
MHHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "B
MBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH _-S
M3?V9?VI/V;/VA_CAXF\(Z;^S=IT?C?Q)J'B.;XQ>-[J[N=5AT238UMI+VL81
MECL8XUC7?<K;[8M^S<6!H_\ !/C_ ()Q?"O]OC]G/0OC7XT\*ZMX5O/BE<W6
MJ^,O!?A7Q+JFG> ?'-W!>RP1:M)I9D"30W2017*!QM=)E+B3<6;] ?CE^S]X
M(_:9\ OX6^(7A70O&?AN6Y@O)-,U>T2ZM9989!)&S1N"K891P001D$$$BNIT
MW3;?1M.@M+2"&UM+6-88((4"1PHH 554<!0   . !0 MA80:78PVUM#%;VUO
M&L4442!$B11A551P    !TJ:BB@ HHHH **** "BBB@ HHHH **** "BBB@
MHHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "B
MBN(_:7^)-]\&OV<?B!XOTR*TGU+PIX;U'6+2*Z5F@DFM[629%D"LK%"R $!@
M<9P1UJZ<'.:A'=Z$RDHQ<GT.WHK\3/\ B)'^.7_0J_"C_P %FH?_ ";1_P 1
M(_QR_P"A5^%'_@LU#_Y-KZ[_ %&S7M'[SP_]8\%W?W'[9T5^)G_$2/\ '+_H
M5?A1_P""S4/_ )-H_P"(D?XY?]"K\*/_  6:A_\ )M'^HV:]H_>'^L>"[O[C
M]LZ*_(+]FC_@O]\8_C+^T=\/_"&I^&OAG!IOBOQ)IVCW<MKIU\L\<-Q=1PNT
M9:[90X5R02I&<9!Z5]N_\%A_CIXR_9T_87U;Q)X!\1W/A/Q.WB+P]I4&J6]E
M:W<MO%>:U96D^V.ZBEAW&&:0 M&^"00I.*\/-<FQ.73C#$I7EJK.YZ."Q]+%
M1<J/0^H**^*M3^*?Q0_8\_X*-_!+X8ZG\4?$'QE\'_'2RUJ&>#Q-I6D6VK>%
M+C2[4W8O89=+M+1)+682+"Z30-L<1%95WE#W'[,7_!4SPO\ M:WVL7/A7P%\
M2HO"'A:]U+3O$7B[5+?3;'1= N;":YCEBE9[WSY25MUD#6T,RJES!YC1L75/
M*.T^G:*^7/A]_P %6/"WC37?A_)J'P[^+'@_P5\6-2&E>"O&FO:996^C^(KB
M0.UHJQ1W<E_:B[1"\!O+6#S 5^ZS*IUO%_\ P4BTBT^)WCCPUX*^&OQ4^+0^
M&#I;^+]3\'V>GSV>@W+1&9K0+<WD$]Y=)#M=X+&*YD7S(TV^8ZQD ^C:*^9_
M!_Q2\'Z?_P %)/B?:S^,?BE!JNC?#S2=<U32]9U2./P1I-A)/=!;JW@8A[>\
M_P!&D\]Y HV!?]K&'9?\%?\ P;+X,\->/+SX>?%K2O@MXNU""PTOXFWFF6*:
M!(MQ(T-I=2VXO#JEO:W$WEQQSSV,:9GA9BL<BO0!]:455UK6[/PUHUWJ.HW=
MM8:?80O<W5U<RK%#;1(I9Y'=B JJH)))P "37YF_\%'_ /@K'_PLC]A72?$'
M@CPY\;OAYHOCOQ9X?@\%^/)+==-LO$\']NVBR>2UI=/>VL5S9K/)&;^"V2>#
M. [.L; 'Z>45X+\:?V];+X:_&/4? 'A7X;_$WXO>*_#^D+K?B"S\&VVGE/#U
MO(<6XN)K^\M(C/.%D:*WA>29EB=O+"[2WHG[.?[0?A;]JOX(^'/B%X+OI-0\
M,^*+7[592RP-!*N&9'CDC8!DDCD5T=2,JR,.U ';45\H?\$ZOVG/%_C7XS?M
M#_"3XFZ^FM^-/A!XT9[&Z>U@LY+KPWJ,2W>ER-'"B(=B&6$N 23!ECEJX+]D
M?_@I-J6H?LW_ !/^/GQ#U;5==\!>*OB->Z#\)O#VBZ1#/J&IV$-Q_9UC;V:1
M(KW-Q?744K@RR%%# EXXD9@ ?=E%?/\ \.O^"A6B^*O&GC3PGXE\"_$+X;^.
M/!/AT^+9_#GB.+3GN]3TD;E-W:36-Y<VDJ"1#$P\\,CE0RJ&!/G?PS_X+2>!
M?B7\-_AYX_'PX^,FA?"OXDWUAI-AXWU?1;.WTNQOKWY+>"XA%VUZJ-<%+?[5
M';/:&61<3E#Y@ /L2BOAO7/V\?BQH?\ P66U7X5V_P -/B3KWP_M?AK;ZK#I
M5BWAE ;EM8EMSK8FFU".;[*T2^4(F=9LQ,?LISYA]6_:=_X*.V/[*NF>(M?U
MOX2_&?5/A]X,E2/Q%XRTW1[/^S=(3S$2:?[-/=Q:C<V\*R+))/:6D\6P.5=_
M+D"@'T=15?2M4M];TRWO;25+BUNXEGAE0Y61& 96'L00:_,7PQ\9O$VA_L6?
MM\?M6^'-2.G>-M4UCQ!8^$M2\A+K^SM,\-POI]@%CF62,K]HBO)RA4H6N&R.
M2: /U"HKYE_;B^/_ (P^#G_!)+XA?$OP_K/]F^.M!^'$VO6>I_9H)O)ODLO-
M$OE2(86^?G:4V_[/:O&?VD?VX/$FD_M5_ KX7^)/BX?@#X)\?^ '\3?\)V+?
M2H[SQ5KJO!"-%@DU*UN+&#:DXN) 81([/ D97+*P!^@%%?&?_!1OX@?%O]CK
M_@G#JM_IGQ4OM1\<0>*=$TNQ\6+X=TZ+418WFMV=LRSPM%)927(MYI%,L=M&
MA.&6!",5E?ME?$/XO_\ !+KP%I_QAF^+.O?&;X8:-JMC8^/-"\9:1H]MJ%AI
MUW=16PU'3+K2K&S FMY)D:2&YBF26(OM>!DRP!]PT5\D?\%F_B/J$?[&#?#;
MPO<S1>-/V@]7L_AKH/D ^;&-18K>W&!RJ0V"W<K/T78":T1^VMX(_9A^,T'[
M,O@+X9?$3Q5XI\!^#M,U33-!\,:?81VO]DLTMJFVYN;JWM8##]G 9;B2'=YD
M8B\UBRJ ?4U%?&6C?\%OOAQXK^ 4GQ3T3P#\9=8^'>@JO_":ZW%X>@@3X?2K
M*(KJ'4()[B.YFDM#N:X&G17GEHA;)#(6]>^-OPA\>_&2>ZU[PU^T%XB^&'AO
M^R$DTF/P[X?T6XC$A1W>[O9M3MKOSX^8BB0"UVJLFYI"ZM& >WT5^:?C'XO^
M,_\ @HE_P;M'XQ:[:6FE_$_PYHDWQ T6]L+:2*+^TM"NY;BUOH(F;<JW"6@;
M;D_+<, "#BOT!^!7Q5M/CK\$O!_C:P1HK'QAHEGK=NC!@5CN8$F4?,JMT<=5
M!]A0!U=%%% !116+XJ^(_A[P+-!'K>O:-H[W/^I6^O8K<R_[H=AG\* -JBN.
M_P"&B?A_MS_PG7@[&-V?[:MNF<9^_P"O%>4_&K]L"_T'Q_'I_@W4?!VK:8MC
M%/-<'-Z5F>69&7='.BKM"(=IR3N;)4"@#Z'HKYX^#'[8%_K'CF2Q\;W_ (3T
M73/[.>XCN3&]@HG62)-F^:9E.0[<8!RIQD FO5S^T-X 4X_X3CP?D%@?^)S;
M<$<G^/MWH ["BN?\,_%GPKXTU$V>C^)?#^K783S#!9:C#/(%Z[MJL3CWKX,U
M3XG_ !:^*_Q$_;+U,?M)^*/A7HGP+UC[+X>BAT/PW-HFG0+H-I?M)>FZTZ6Y
MEC$TLA?%RC;. 5(X /T3HKY)^"O_  4QN9_V%/@)X]\=>"O$-]\4OC7IEC_9
MO@?PK8J^H:O>R0B69[=+F:.*"U2$-<M)<W"1Q1$;I"Q7=Z-\%OV\?#GQA\/_
M !*,_AOQEX/\4_"(G_A*O"FO6]JNK:<K6YN8'5K>XFM9HYX5+1R17#HV""RE
M6  /<**^.OAA_P %I_ ?Q/\ AK\//B OPZ^,>B?"KXD7]CI%CXWU;1K.#2K&
M_O#Y<%O<0B[:]53<E+;[3';/:>;(N)RA\P8&N?MX_%C0_P#@LMJOPKM_AI\2
M=>^']K\-;?58=*L6\,H#<MK$MN=;$TVH1S?96B7RA$SK-F)C]E.?,(!]R45\
MX_M._P#!1VQ_95TSQ%K^M_"7XSZI\/O!DJ1^(O&6FZ/9_P!FZ0GF(DT_V:>[
MBU&YMX5D622>TM)XM@<J[^7(%]YO_&>G:?X*F\0M<H^D06+:B;A#E6@$?F;Q
M[;>: -6BOS(_9\^(_C#X'?\ !OQ\5_VB=)U#^QOBK\3='\1?%Z34S!'=&VN[
MLR2V*A+@.CK!9QV<*JX9=L0 !&!7T[^W%\?_ !A\'/\ @DE\0OB7X?UG^S?'
M6@_#B;7K/4_LT$WDWR67FB7RI$,+?/SM*;?]GM0!]-45^?\ ^TC^W!XDTG]J
MOX%?"_Q)\7#\ ?!/C_P _B;_ (3L6^E1WGBK75>"$:+!)J5K<6,&U)Q<2 PB
M1V>!(RN65NT_X*-_$#XM_L=?\$X=5O\ 3/BI?:CXX@\4Z)I=CXL7P[IT6HBQ
MO-;L[9EGA:*2RDN1;S2*98[:-"<,L"$8H ^S**^'OVROB'\7_P#@EUX"T_XP
MS?%G7OC-\,-&U6QL?'FA>,M(T>VU"PTZ[NHK8:CIEUI5C9@36\DR-)#<Q3)+
M$7VO R9:_P#\%99(/VC_ !/\#?V;8$^WP_&3Q;#K'BBV";D/AC1BFH7OG<$+
M'-,MG;_-PYN"O.30!]I45\G^,?\ @K-X7\,>-_B_X5\-?"OXQ>/M6^ LH3Q9
M;^&]*T_RK*V^P)>K<0R7-[!%.#&Q1;>)FNB\3X@V[79=)_X+"?#CQ#H?@SQ;
MIWAGXDWGP@\=ZI9:)IOQ+&C10^'EO;P[+>.2*69-25'G:.W^T?8C;K-(%:5=
MKE0#ZOHKQC]H+X&_$7XDZUJ>HZ+\??$OPHT:TTT+I]MH'A[19UBG D,MS?2Z
MG;79G0'R]J0"UVJL@9I"ZM'\=>,?B_XS_P""B7_!NT?C%KMI::7\3_#FB3?$
M#1;VPMI(HO[2T*[EN+6^@B9MRK<):!MN3\MPP (.* /TLHKE/@5\5;3XZ_!+
MP?XVL$:*Q\8:)9ZW;HP8%8[F!)E'S*K=''50?85U= !1110 4444 %%%% !1
M110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%
M% !1110 4444 %%%% !1110 4444 %>9_MIZ#?>*OV./BSIFF65WJ.I:CX,U
MBUM+2UA::>ZF>QF5(XT4%F=F( 4 DD@"O3**THU'3J1J+HT_N)G'FBX]S^9[
M_A@[XY?]$9^*_P#X2.H?_&J/^&#OCE_T1GXK_P#A(ZA_\:K^F&BOT#_B(F)_
MY\Q^]GR_^JM+^=G\SW_#!WQR_P"B,_%?_P )'4/_ (U1_P ,'?'+_HC/Q7_\
M)'4/_C5?TPT4?\1$Q/\ SYC][#_56E_.S^>K]BS]BSXQ^%?VQ_A-J>I_";XF
M:=ING>,]'NKN[NO"]]#!:PI?0L\DCM$%5%4$EB0  2:_5W_@N!\)M>^-_P#P
M3SUOPUX=T3Q#XBO[[Q-X9:2QT2.X>]DMTUZPDF9/L^)4"1JSM(I'EJA<D!21
M]<45\SGN?5,TJ1J5(J/*K:'L9;EL<'%QB[W/(/@G^PG\,_@#\2[SQIHFE:YJ
M?C.]T]-(/B#Q1XHU7Q3JUO9*[R?98+K4[FXFMX#([.T43(CMM9@Q52/F#]C+
M]E#QE\0_^"-OQ?\ A3?V.K^#?%7CR_\ B%IMA_;=M/I\L?\ :&J:F+6XD5E\
MP0R+-&^Y0=T;Y7.0:^_J*\$](_,O]C+]GCX6^*OA[\%O"'CGX3?M9?\ "SO
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M2<]#YN1U/2N%^(G[#\]IXK6;P)!H^F:5):(DT-YJ=UYGGAY&+@E)21@QX&X
M%>G'/TG10!\U_#O]AN2Z\6F;QS:Z)J&DQ6LB6\%CJ%R'69GB(;A(B%VHP(W-
MG@G/;NC^PU\+2O\ R++=-NX:I>!B,$<GS<GJ?QYZUZU10!Y_X$_9;\!_#7Q+
M;ZQHV@K:ZE:[_)G>[GF,6]2K8$CL!E68=.A(KX4TS_@E3X5_:^^.W[:TOQ!^
M' TSQ'XB\86,W@7QW<:,UIK&FF+1-.-O>Z5J142A8;R+)\F786C='&"R5^E=
M% 'Y0^/? ?Q._:5\!_L<_&[XP^ /C3#?_"D:YX2^*>C^%I]8TCQ-I]S=1Q6
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M!J]G).);8)YJ>4BLS[D^15)8#!(_5FB@#X#_ ."J?QS\5?$[XRZ1^S]#X?\
MB]X;^$NLV U#XB^.?#?@#Q#KCZG8LP']@Z;-IEG/LFN%R)YF*K'"S*I,C;1Z
M)^U;\:_ 7@'_ ((W_%W6/"NBZUX5\$^$OAUJVBZ7I6K>&M0\+2VJ1:>]M;V\
M=K?PV\Z(2T4:'8 V1M)-?7%>:_M5?LL^'/VQ/AC;>#O%T^K#PXFM:=K-[964
MR1IJXLKJ.ZCM+G<C;K9Y(H_,1=K,%P&% &3_ ,$^/A=?_!#]@SX*^#=5MY+3
M4_"G@71=(O()'WO#-!8PQ.I.!DAE(/ Z5[!110 4444 %%%% !1110 4444
M%%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4
M444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !11
M10 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
M !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M%%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4
M444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !11
M10 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
M !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M%%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4
M444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !11
M10 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
M !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M%%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4
M444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !11
M10 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
M !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M%%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4
M444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !11
M10 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
M !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M%%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4
M444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !11
M10 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
D !1110 4444 %%%% !1110 4444 %%%% !1110 4444 ?__9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>img01.jpg
<DESCRIPTION>IMAGE
<TEXT>
begin 644 img01.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_X0 Z17AI9@  34T *@    @  U$0  $
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M<]!_A4E% $?EM_SU?KGH/\*/+;_GJ_7/0?X5)10!'Y;?\]7ZYZ#_  H\MO\
MGJ_7/0?X5)10!'Y;?\]7ZYZ#_"CRV_YZOUST'^%244 1^6W_ #U?KGH/\*/+
M;_GJ_7/0?X5)10!'Y;?\]7ZYZ#_"CRV_YZOUST'^%244 1^6W_/5^N>@_P *
M/+;_ )ZOUST'^%244 1^6W_/5^N>@_PI/+;G]Z_7/0<?I4M% $9C;G]ZXR<]
M!Q^E!C;G]ZXR<]!Q^E244 1F-N?WKC)ST''Z4&-N?WKC)ST''Z5)10!&8VY_
M>N,G/0<?I08VY_>N,G/0<?I4E% $9C;G]ZXR<]!Q^E!C;G]ZXR<]!Q^E244
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M .1?TW_KUB_]!%:% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
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M/S&_YY/UQU'^-'F-_P \GZXZC_&@"2BH_,;_ )Y/UQU'^-'F-_SR?KCJ/\:
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M#_'^= &]16'9^)+.2V5KDO#-T9/+8C/M@5I6EW!>Q-) ^]0VTDJ1@]>A^HH
MM44QY$C7<[*H]6.*I2ZUIL ^>]AX[*V[^5 &A4$]U;VX7SYXHMW3S'"Y_.LB
M3Q7IR'">=*>VQ.OYXK(U+4VU*: _998$17VF3^+.WI],?K0!U<5_9SR!(KJ!
MV/14D!)_"K5<);-=)>V[64:R7 8[$<\'Y3GN.V>];7VSQ1_T#;7_ +Z'_P 7
M0!T-%<]]L\4?] VU_P"^A_\ %T?;/%'_ $#;7_OH?_%T ;S,J*68A549))P
M*K?VKIW_ #_VO_?Y?\:PKVZ\1-87"SV%LL)B8.P89"XY/W_2LB@#O5974,I#
M*PR"#D$4^N6LO$36EE;QW&FW*QI$JB0#(8 =>0*NQ>*M+D W2219_OH?Z9H
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M6>.>%L[9(V#*V#@X(XZBBSM<"'5_^/*/_KZM_P#T<E7ZH:O_ ,>4?_7U;_\
MHY*OT %%%9&I:K-8S10V^D:CJ,K@N1:K&%0# Y>1T7//0$GKQB@#7HKG[+Q=
MI5WH5WK$DCVD%BTB7B7*XDMG3[RL!GGITSG(QG-5[?QG;O>:?#?:5J>F1ZB=
MMG/>)&$F?&0F%=F1B,D!PO0CKQ0!U%%%% !1110 4444 %%%% !1110 4444
M %%%% &?H?\ R+^F_P#7K%_Z"*T*S]#_ .1?TW_KUB_]!%:% !1110 4444
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M\27B,C3"W$.X;RL;9QGG'S4 =717.'Q)/=DKING33?[;C 'Y?XTGV#Q!?_\
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MY+1?_$U[!X'U.\UCPC8WU_+YUS+YF]]H7.)& X  Z 5\ZU] _#7_ )$#3/\
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MR*EY_P!?S_\ HN.O0Z\\^#W_ "*EY_U_/_Z+CKT.O&Q'\61W4O@05YY\8?\
MD5+/_K^3_P!%R5Z'7GGQA_Y%2S_Z_D_]%R44/XL0J_ SQ2M7PS_R->C?]?T'
M_HQ:RJU?#/\ R->C?]?T'_HQ:]NK\#//CNCZ9HHHKY\]00U\S^)O^1KUG_K^
MG_\ 1C5],&OF?Q-_R->L_P#7]/\ ^C&KNP'QLYL3LC*KZ!^&O_(@:9_VU_\
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M,-\ M':BCM7&=!\HT445]%T/*ZGTMX6_Y%+1O^O&#_T6M:]9'A;_ )%+1O\
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M))'8CTK-0W'B'488+N1!!$ID9(U(#8('J?7^= %G2;2?4KS^V+O:"3^X1ER
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M $O_ +:_^BGKZ"KY[^'#*GC[3&9@H'FY)./^63U] &:(9S*@P<'YAP:X<?\
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M56KX9_Y&O1O^OZ#_ -&+7MU?@9Y\=T?3-%%%?/GJ"&OF?Q-_R->L_P#7]/\
M^C&KZ8-?,_B;_D:]9_Z_I_\ T8U=V ^-G-B=D95?0/PU_P"1 TS_ +:_^C7K
MY^KZ!^&O_(@:9_VU_P#1KUT8_P#AKU_S,\-\1O:M_P >4?\ U]6__HY*OU0U
M;_CRC_Z^K?\ ]')5^O).T***S=8UG3M#TR;4-4O([2UA&7ED/'T ZDGL!R>U
M &E15"#5+*YT>+5H[E/[/E@%PL\GR+Y97=N.[&!CGG&*SK#QCHFHWEO:V]U,
MLETI>V,]K-"EP!@GRG=0LG!S\I/'/2@#H**** "BBB@ HHHH **** "BBB@
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M -%)7*5[U'^''T1YM3XV>U_![_D5+S_K^?\ ]%QUZ'7GGP>_Y%2\_P"OY_\
MT7'7H=>-B/XLCNI? A*Y/XE?\B!J7_;+_P!&I765R?Q*_P"1 U+_ +9?^C4J
M:/\ $CZH=3X&?/U:OAG_ )&O1O\ K^@_]&+656KX9_Y&O1O^OZ#_ -&+7NU?
M@9YT=T?3-%%%?/GJ"&OF?Q-_R->L_P#7]/\ ^C&KZ8-?,_B;_D:]9_Z_I_\
MT8U=V ^-G-B=D95?0/PU_P"1 TS_ +:_^C7KY^KZ!^&O_(@:9_VU_P#1KUT8
M_P#AKU_S,\-\1UM%%%>2=IY/\:/^8'_VW_\ :=>4UZM\:/\ F!_]M_\ VG7E
M->U@_P""OZZGGU_XC.K^&W_(_P"E_P#;7_T4]?05?/OPV_Y'_2_^VO\ Z*>O
MH*N''_Q%Z'1AO@%H[44=JXSH/E&BBBOHNAY74^EO"W_(I:-_UXP?^BUK7K(\
M+?\ (I:-_P!>,'_HM:UZ^>E\3/4CLA:\1^+_ /R-UK_UXI_Z,DKVZO$?B_\
M\C=:_P#7BG_HR2NC!_Q48XCX#S^O5O@OUUO_ +8?^U*\IKU;X+]=;_[8?^U*
M]'%_P7_74YJ'\1'K%%%%>*>@<E\2O^1 U/\ [9?^C4KY^KZ!^)7_ "(&I_\
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MP7_74YJ'\1'K5%1^6V#^]<9]AQ^E!1N?WK\^PX_2O%/0.6^)7_(@:G_VR_\
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M;_[8?^U*\IKU;X+]=;_[8?\ M2O1Q?\ !?\ 74YJ'\1'K%%%%>*>@<E\2O\
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M_P BI:?]?R?^BY*\3KVSXP_\BI:?]?R?^BY*\3KU\#_".#$?&=7\-O\ D?\
M2_\ MK_Z*>OH*OGWX;?\C_I?_;7_ -%/7T%7)C_XB]#?#? +1VHH[5QG0?*-
M%%%?1=#RNI]+>%O^12T;_KQ@_P#1:UKUD>%O^12T;_KQ@_\ 1:UKU\]+XF>I
M'9"UXC\7_P#D;K7_ *\4_P#1DE>W5XC\7_\ D;K7_KQ3_P!&25T8/^*C'$?
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MDB(P54=W'/RFNYI:JIB:E2/+(F-*,7=&7/JTMM;R3RZ5>K'&I=SNA. !D_\
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M '_7_&O?**UI5ITE[IG.G&>YX'_PJ[Q3_P ^D/\ W_7_ !KVP7]R/^81>_\
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M-V[SY1)C'W<(JX_\=S^-6:@H\#_X5=XI_P"?2'_O^O\ C1_PJ[Q3_P ^D/\
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M,@4]&VN 2#ZUOT %%%% !17+_$!K]/ .LRZ;<S6UU% 91+ <.%4AGVGL2H8
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MGI + S(_RB<@?ZXMG"J,A?KS74^'_&VG^(K^?3DM=0T_4($$K6FHVYAE:,G
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M.2<9Z8I^GZ/XEU;Q!I>I^)5TR!-)\QH([%W<S2NI0NQ8#:H4G"\G)Y/%=O0
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M;<PR<#A0Q ZT =/X5_M0>%M-76TV:FENJ7 WALL!C)(XR<9_&MJBB@ HHHH
M**** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@#*U]-3ET"^CT5HUU)X
MBMNTAP%8\9_#K]17"W?A:'P%J>@ZQI%W?-)<ZA#9:IY]R\@O!,=GF.&) <.5
M.1CJ:]/KF/'.BZGKGAY+?2)(([^&[@N86GSLS'(K<XY[9_"@#(E\*3V'B*]N
M/!_B&WTRXN,37VF31">%F;.)0FX&,G!Y'!Q[5TGAO05\/Z8UL;A[JXFF>YNK
MEU"F:5SEFP. .P Z "HO#7AF#P[:RDS/=ZA=-YM[?3#]Y<2>I]%'0*. *WZ
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M>MCQKH]QX@\&:MI-J4%Q=6[)&7.%W=1D_A47AGPR^DR3:GJ<XO=>O /M5WC
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M "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
M**** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ H
MHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BB
MB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M "BBB@ KSO6_# T;^U+^7Q;K&GZ-=W!N9;2PB7S?.? .V15,F"<?*/SKT2B@
M#CO!VC2/X?TV]U^R$^KQ[C%<WD*-=)%O)C#MC.\)MS[^]=C110 4444 %%%%
M !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
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M "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
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MRWTVT;3\!?LC0*8L Y V8QUYZ5!<^&=!O+:VMKK1-.N+>U!6WBEM(V2$''"
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,% !1110 4444 ?_9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>irsacompleto1erq18000.jpg
<DESCRIPTION>IMAGE
<TEXT>
begin 644 irsacompleto1erq18000.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_X0 Z17AI9@  34T *@    @  U$0  $
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M  (1 Q$ /P#W^BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH Y32=
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M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
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M"P+J=R8UBCA0-(I*HEQYZC..<'Y>>WOS72?\(WH7_0%T[_P%3_"C_A&]"_Z
MNG?^ J?X47UN!SC>!-*=%B?4;@PQY%JFY/W"F99F ./FRR@<YP/SIT_@?2KA
MI&;49P7:9CAT_P"6EPLY[=F0 >QKH?\ A&]"_P"@+IW_ ("I_A1_PC>A?] 7
M3O\ P%3_  H6FP/4Y^Y\$Z9<"7_B:7,;2?:CN21009Y5E;MV* 8[@G.:UO#N
MCV7ANRGMH+OS1/<O<NS;%PS\D *  /05:_X1O0O^@+IW_@*G^%'_  C>A?\
M0%T[_P !4_PH6@$.A,KWFN%6##^T.H.?^6,5;55K6RM;&'R;2VAMXR=VR&,(
M,^N!5F@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
M **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
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M-;I$SQLCV^XC>S$J%;;CVZYK9\ >,]0\2VVI+JL-O'>611C##"\;;6!(R&+
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MW&. <T;.P'KE%4M*O#J.D6=\T?EM<P),4SG;N4'&?QJ[1L"=T+1110 4444
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M' $K #Z <5K?\(GX?_Z ]G_WZ% &S16-_P (GX?_ .@/9_\ ?H4?\(GX?_Z
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M ;-%8W_")^'_ /H#V?\ WZ%'_")^'_\ H#V?_?H4 ;-%8W_")^'_ /H#V?\
MWZ%'_")^'_\ H#V?_?H4 ;-%8W_")^'_ /H#V?\ WZ%'_")^'_\ H#V?_?H4
M ;-%8W_")^'_ /H#V?\ WZ%,E\*: (G(T>SR%/\ RR% &Y167X;)/A?22223
M90Y)/^P*U* "BBB@ HHHH **** ,"Z.I76OS6=KJ)M(8;6*7"PJY9F>0');V
M0?K4O]EZU_T,4O\ X"1?X4^'_D;[W_KPM_\ T9-6O0!B_P!EZU_T,4O_ ("1
M?X4?V7K7_0Q2_P#@)%_A6U7G'QFU'7-,\%V\V@37D-V;Z-6:T!+[-CY' Z9
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M2-@/=L@C'M6K0!SMKH.J6<;QP^(90KRO*<VD1^9V+'MZDU8_LO6O^ABE_P#
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M1+;PVUI=+NEO3ITF$;R1(T?+8R&RN3ZT >I_V7K7_0Q2_P#@)%_A1_9>M?\
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M;J>ZW)<,K!Y@!(,@_=8 <5#/\)/"ET4^T07DWDQA("]VY,(&W&TYS_".N>]
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M<=-TG_HQJ?Y_B'_H':9_X'2?_&:DT*QGT[1;>UN#&9DW%_+)*Y+$\$@'OZ4
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MTG_QF@#7HK(\_P 0_P#0.TS_ ,#I/_C-'G^(?^@=IG_@=)_\9H )O^1PLO\
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MRR7$IF:0%6/W]J$ D].E>OUD>?XA_P"@=IG_ ('2?_&://\ $/\ T#M,_P#
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M **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
MHHHH **3M6+XM;44\)ZNVD[O[0%I(;?8,MOVG&/?T]Z3=E<:5V;.0>AZ4M>'
MQ7NB:8UI>^!9S]ICTJ[GU0HS/C;"2C3ALCS/,]>?O=J4>/\ Q''HU[/8ZS%K
M'_$OM9Y;K[,D2V$LD@5U.!CA<GY@2,9/%/K872Y[A17D>B>)?%&KW'AZTEUN
M"..YEO3+=6D<<WVB.'RRN#L"YR64E1@]N:YB[\;Z[X@TKQ%;_P!LEK1M.^V1
MF..-)8-LZJR;5R5&TG(8LV,$XSBA@CZ"HKQ>#Q-=VS3I!K]O9Z?<ZP\=QKPM
MXB,+:Q,A/&S+GC<1VP*/^$O\6:C9M+'JPL&M]!GU(E;-&^TF.9U1\.,JKJH.
M/?BAZ!8]IJM<0&=HB'*^7('^Z#NQGCD<=>HYKR9/'NNGQ_H]I+>Q_8;U+;-G
M;Q(S#S(E9BRMA\;F)WJ2H Y'6MWQ1XEOK'QFMA)X@BT2TCMHIH%DM!-]ND:0
MJR#^(X  PF#\V:+:BN>B45XLOCOQ6VOZ^K7-K%#;17VVR;;YMN(D)CDV;-PR
M0IR[;6W<"JNN:UXCET*[M+[Q"\B2Z58:J9X[9(S#OG574;1RF/FY]/3-"U*:
ML>YT5XS:>./$TWBR]M5U*SDLX1.B0DH)'C2$LEP%"9^8X;<6V$' %;%]>:H_
MP7_M34[Y-0NKN.UN"9;=%1 [Q_*% P0,GD\YH2N+K8].H[XKRFS\2^(_^$@M
MYY=566QF\27&D?8C;( L2ARK;P-VX;1_6J?BS6=1T/Q-XLN],O(K2<1Z:AEE
MP %(ER 6!12< 988_2B^@[:V/8Z*\DT7Q=KNL2:1*VK316\>CSZA= 649>Y:
M*;9@ 9X([H>>V,U@V?Q)\3RZ-J\D.HP76T6;Q73+"OV9)68.6V@JH7 'S;MI
MZDT"/>**\I\'ZIJ6K^+="NM4G@N)SIE\@G@8%946:(!L@ $]LJ,'&17J]%@"
MBBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **
M** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHH
MH **** "BBB@ HHJM>7EOI]G)=74HB@C&7<]NW:@"S16)_PE>C_\]Y__  $E
M_P#B:/\ A*]'_P">\_\ X"2__$T 7KS3K2^L+NRGA'DW<;13!/E+*P(/(YZ$
M\TMG8VUC916<$06&.-8PIYRH&!D]^!WJA_PE>C_\]Y__  $E_P#B:/\ A*]'
M_P">\_\ X"2__$T :XBC4+M11M&%P.GTI!!",XB3G.?E'.>M9/\ PE>C_P#/
M>?\ \!)?_B:/^$KT?_GO/_X"2_\ Q- &MY$/EF/R8]AZKM&#^%*8D)R44Y7;
MT[>GTK(_X2O1_P#GO/\ ^ DO_P 31_PE>C_\]Y__  $E_P#B: -;R8]ZOY:[
ME&%;:,@>E5[M]LEN1%O)E"YV@[0<\\D8Z=LGVJC_ ,)7H_\ SWG_ / 27_XF
MJ6H>)-(E:U^>=]EPK'_B7R/MX//*_+_O#D4 ='Y4>YFV+N888[>2/>@PQD8,
M:'*[3\HZ>GTK)_X2O1_^>\__ ("2_P#Q-'_"5Z/_ ,]Y_P#P$E_^)H UA#$#
MN$: E=N=HZ>GTIQC0IL*KL'\..*Q_P#A*]'_ .>\_P#X"2__ !-'_"5Z/_SW
MG_\  27_ .)H U_*C_N+PV[IW]?K2-%&P;<B'<,-E>OUK)_X2O1_^>\__@)+
M_P#$T?\ "5Z/_P ]Y_\ P$E_^)H V!&BD$*H(&T8'0>E-\B$*5$2!2,$!1R/
M2LG_ (2O1_\ GO/_ . DO_Q-'_"5Z/\ \]Y__ 27_P")H V!&BE2J ;1@8'0
M>E/K$_X2O1_^>\__ ("2_P#Q-'_"5Z/_ ,]Y_P#P$E_^)H VZ*R;7Q#IE[=)
M:P7#>?("41X73=CDXW 9K6H **** "BBB@ HHHH **** "BBB@ HHHH ****
M "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
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M9!8YX!'/->6Z-\,=0N;33+B_@TJVC3["9+&*!E61(@Q8RJ1S*=^#VX/-2?\
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M "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
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MC^U=8_Z%V;_P*B_QH VJ*Q?[5UC_ *%V;_P*B_QH_M76/^A=F_\  J+_ !H
MVJ*YR'7]3GGN88_#UP7MW$<F;F+@E0PQ\WHPJS_:NL?]"[-_X%1?XT ;5%8O
M]JZQ_P!"[-_X%1?XT?VKK'_0NS?^!47^- &U5.^LH-0LWM;I&>%\;@&*G@Y&
M",$'('2J/]JZQ_T+LW_@5%_C1_:NL?\ 0NS?^!47^- #_P#A'K3_ )^M4_\
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MJZQ_T+LW_@5%_C0!M450TN__ +3L%N3"\+%WC:-R"59'*'D<'E35^@ HHHH
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MB)(L9_,_G6KK9*Z!J)!((M92"#R/E- &A17.V'A?0I--M7?2;5F:%"28QDG
MJS_PB?A__H$6G_?L4 ;-%8W_  B?A_\ Z!%I_P!^Q1_PB?A__H$6G_?L4 .T
MK_D,:]_U]Q_^B(JUZQ1X2\/ DC1[,$\DB(<TO_")^'_^@1:?]^Q0!LT5C?\
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M$ODU*WVF!26QY4.1@=L5QC?%'XDQ6L=P-+LID>&-B/L,JE&D+ #[W.-N3]:
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M()Z;P3G'6@";5_@GJFKW$[#4-+L([CRFV6D,@6WV1NACC!/W&+ GD=^*S7^
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M !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% &-X<_X\[O\
M["%U_P"CGK9K&\.?\>=W_P!A"Z_]'/6S0 4444 %%%% !1110 4444 %%%%
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MZP[@ID".&*@G@' [UL>?X@_Z!NF_^![_ /QFCS_$'_0-TW_P/?\ ^,T >?\
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M2C2_6\_\ )__ (BC1L_;M<S_ ,__ /[0BK8H Q_^$HTOUO/_   G_P#B*/\
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M7_T UH5GZ[_R+^I?]>LO_H!H ETSC2;,G_G@G_H(K'UGP]HWBR[TV6\F$_\
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MDMZEU)>1S$[MH"-M));@DMTH ZYO^1VB_P"P<_\ Z,6MJL5O^1VB_P"P<_\
MZ,6MJ@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
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M?^_0H_X3W7?^>L/_ 'Z% 'K-%>3?\)[KO_/6'_OT*/\ A/==_P">L/\ WZ%
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MK:KA/!NJW>N:_/<WKAI(;7RTVJ  "^3_ "%=W0 4444 %%%% !1110 4444
'%%%% '__V0$!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
