<SEC-DOCUMENT>0001292814-19-000840.txt : 20190322
<SEC-HEADER>0001292814-19-000840.hdr.sgml : 20190322
<ACCEPTANCE-DATETIME>20190322114745
ACCESSION NUMBER:		0001292814-19-000840
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20190331
FILED AS OF DATE:		20190322
DATE AS OF CHANGE:		20190322

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EDENOR
		CENTRAL INDEX KEY:			0001395213
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC SERVICES [4911]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			C1
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33422
		FILM NUMBER:		19698968

	BUSINESS ADDRESS:	
		STREET 1:		AV. DEL LIBERTADOR 6363
		CITY:			CITY OF BUENOS AIRES
		STATE:			C1
		ZIP:			C1428ARG
		BUSINESS PHONE:		54-11-4346-5000

	MAIL ADDRESS:	
		STREET 1:		AV. DEL LIBERTADOR 6363
		CITY:			CITY OF BUENOS AIRES
		STATE:			C1
		ZIP:			C1428ARG
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>ednfs2018_6k.htm
<DESCRIPTION>FORM 6-K
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"><BR>UNITED STATES</FONT></P>

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<P style="BACKGROUND: white; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">SECURITIES AND EXCHANGE COMMISSION</FONT></P>

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<P style="BACKGROUND: white; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Washington, D.C. 20549</FONT></P>

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<P style="BACKGROUND: white; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">FORM 6-K</FONT></P>

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<P style="BACKGROUND: white; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 13.5pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P>

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<P style="BACKGROUND: white; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">REPORT OF FOREIGN PRIVATE ISSUER</FONT></P>

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<P style="BACKGROUND: white; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">PURSUANT TO RULE 13a-16 OR 15d-16 UNDER</FONT></P>

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<P style="BACKGROUND: white; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">THE SECURITIES EXCHANGE ACT OF 1934</FONT></P>

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<P style="BACKGROUND: white; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 13.5pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P>

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<P style="BACKGROUND: white; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">For the month of&nbsp;<FONT style="FONT-SIZE: 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">March</FONT></FONT>, 2019</FONT></P>

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<P style="BACKGROUND: white; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 13.5pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P>

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<P style="BACKGROUND: white; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=PT-BR style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">EMPRESA DISTRIBUIDORA Y COMERCIALIZADORA NORTE S.A. (EDENOR)</FONT></P>

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<P style="BACKGROUND: white; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">(DISTRIBUTION AND MARKETING COMPANY OF THE NORTH )</FONT></P>

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<P style="BACKGROUND: white; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 13.5pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P>

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<P style="BACKGROUND: white; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">(Translation of Registrant's Name Into English)</FONT></P>

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<P style="BACKGROUND: white; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 13.5pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P>

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<P style="BACKGROUND: white; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Argentina</FONT></P>

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<P style="BACKGROUND: white; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 13.5pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P>

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<P style="BACKGROUND: white; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">(Jurisdiction of incorporation or organization)</FONT></P>

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<P style="BACKGROUND: white; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 13.5pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P>

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<P style="BACKGROUND: white; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Av. del Libertador 6363,</FONT></P>

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<P style="BACKGROUND: white; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">12th Floor,</FONT></P>

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<P style="BACKGROUND: white; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">City of Buenos Aires (A1428ARG),</FONT></P>

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<P style="BACKGROUND: white; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Tel: 54-11-4346-5000</FONT></P>

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<P style="BACKGROUND: white; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 13.5pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P>

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<P style="BACKGROUND: white; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">(Address of principal executive offices)</FONT></P>

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<P style="BACKGROUND: white; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 13.5pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P>

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<P style="BACKGROUND: white; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.75in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)</FONT></P>

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<P style="BACKGROUND: white; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 13.5pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P>

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<P style="BACKGROUND: white; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.75in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Form 20-F&nbsp;</FONT><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;X&nbsp;</FONT></U><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;Form 40-F&nbsp;</FONT><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U></P>

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<P style="BACKGROUND: white; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 13.5pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P>

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<P style="BACKGROUND: white; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.75in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">(Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.)</FONT></P>

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<P style="BACKGROUND: white; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 13.5pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P>

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<P style="BACKGROUND: white; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.75in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Yes&nbsp;</FONT><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;No&nbsp;</FONT><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;X&nbsp;&nbsp;</FONT></U></P>

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<P style="BACKGROUND: white; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 13.5pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P>

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<P style="BACKGROUND: white; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.75in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">(If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-</FONT><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">.)</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 14pt; LINE-HEIGHT: 115%" face=arial,sans-serif>FINANCIAL STATEMENTS</FONT></B></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 14pt; LINE-HEIGHT: 115%" face=arial,sans-serif>AS OF DECEMBER 31, 2018, 2017 AND 2016 </FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 14pt; LINE-HEIGHT: 115%" face=arial,sans-serif>PRESENTED IN COMPARATIVE FORM</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>(Stated in thousands of pesos in measuring unit current &#8211; Note 3)</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0079c0 face=arial,sans-serif>Notes to the Financial Statements:</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#595959 face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD></TR>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.1pt 0pt 0in; TEXT-INDENT: -63.8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0079c0 face=arial,sans-serif>1 |</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0pt 0pt 63.8pt; TEXT-INDENT: -63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>General information&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P></TD>

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

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   <P style="MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Regulatory framework</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>9</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Basis of preparation</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>14</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Accounting policies</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>16</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Financial risk management</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>2<FONT style="FONT-SIZE: 10pt" face=Arial>9</FONT></FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Critical accounting estimates and judgments</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Interest in joint venture</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Contingent liabilities</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Property, plant and equipment</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Financial instruments</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Other receivables</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Trade receivables</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Financial assets at fair value through profit or loss</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Financial assets at </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>amortized cost</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Inventories</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Cash and cash equivalents</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>49</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.1pt 0pt 0in; TEXT-INDENT: -63.8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0079c0 face=arial,sans-serif>17 |</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Share capital and additional paid-in capital</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>50</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.1pt 0pt 0in; TEXT-INDENT: -63.8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0079c0 face=arial,sans-serif>18 |</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Allocation of profits</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>51</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.1pt 0pt 0in; TEXT-INDENT: -63.8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0079c0 face=arial,sans-serif>19 |</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Trade payables</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>51</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.1pt 0pt 0in; TEXT-INDENT: -63.8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0079c0 face=arial,sans-serif>20 |</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Other payables</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>52</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.1pt 0pt 0in; TEXT-INDENT: -63.8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0079c0 face=arial,sans-serif>21 |</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Deferred revenue</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>52</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.1pt 0pt 0in; TEXT-INDENT: -63.8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0079c0 face=arial,sans-serif>22 |</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Borrowings</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>52</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.1pt 0pt 0in; TEXT-INDENT: -63.8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0079c0 face=arial,sans-serif>23 |</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Salaries and social security taxes payable</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>55</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.1pt 0pt 0in; TEXT-INDENT: -63.8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0079c0 face=arial,sans-serif>24 |</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Benefit plans</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>56</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.1pt 0pt 0in; TEXT-INDENT: -63.8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0079c0 face=arial,sans-serif>25 |</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt 1.35pt; TEXT-INDENT: -1.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>The Company&#8217;s Share-based Compensation Plan</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>58</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.1pt 0pt 0in; TEXT-INDENT: -63.8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0079c0 face=arial,sans-serif>26 |</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt 1.35pt; TEXT-INDENT: -1.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Income tax </FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>58</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.1pt 0pt 0in; TEXT-INDENT: -63.8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0079c0 face=arial,sans-serif>27 |</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Tax liabilities</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>61</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.1pt 0pt 0in; TEXT-INDENT: -63.8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0079c0 face=arial,sans-serif>28 |</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Leases</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>62</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.1pt 0pt 0in; TEXT-INDENT: -63.8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0079c0 face=arial,sans-serif>29 |</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Provisions</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>63</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.1pt 0pt 0in; TEXT-INDENT: -63.8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0079c0 face=arial,sans-serif>30 |</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Revenue from sales</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>63</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.1pt 0pt 0in; TEXT-INDENT: -63.8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0079c0 face=arial,sans-serif>31 |</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Expenses by nature</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>63</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.1pt 0pt 0in; TEXT-INDENT: -63.8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0079c0 face=arial,sans-serif>32 |</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Other operating expense, net</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>65</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.1pt 0pt 0in; TEXT-INDENT: -63.8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0079c0 face=arial,sans-serif>33 |</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Net financial expense</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Basic and diluted earnings per share</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Related-party transactions</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.1pt 0pt 0in; TEXT-INDENT: -63.8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0079c0 face=arial,sans-serif>36 |</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Safekeeping of documentation</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Termination of agreement on real estate asset&nbsp; </FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Ordinary and Extraordinary Shareholders&#8217; Meeting</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#595959 face=arial,sans-serif>Independent Auditors&#8217; Report</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#595959 face=arial,sans-serif>Supervisory Committee&#8217;s Report</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL STATEMENTS</FONT></B></FONT><FONT color=#a6a6a6 face=arial,sans-serif></FONT></P></DIV></TD></TR></TABLE></DIV></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Glossary of Terms</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>The following definitions, which are not technical ones, will help readers understand some of the terms used in the text of the notes to </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>the Company&#8217;s Financial Statements.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=verdana,sans-serif></FONT>&nbsp;</P>

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   <TD width="12%"></TD>

   <TD width="87%"></TD></TR>

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   <TD style="BORDER-RIGHT: #ffffff 4px solid; BORDER-BOTTOM: #000000 1px solid" align=left><I><FONT size=2 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>Terms</FONT></I>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><I><FONT size=2 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>Definitions</FONT></I>&nbsp;</TD></TR>

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   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>ADS</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>American Depositary Shares</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>ANSES</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Administraci&#243;n Nacional de la Seguridad Social</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>BNA</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Bank of the Argentine Nation</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>BCRA</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Central Bank of Argentina</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>CABA</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Ciudad Aut&#243;noma de Buenos Aires</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Compa&#241;&#237;a Administradora del Mercado Mayorista El&#233;ctrico</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>CAMMESA</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(the company in charge of the regulation and operation of the wholesale electricity market)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>CNV</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>National Securities Commission</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>CPCCN</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Federal Code of Civil and Comercial Procedure of Argentina</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>CPD</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Company&#8217;s own distribution costs</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>CTLL</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Central T&#233;rmica Loma de la Lata S.A.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>CSJN</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Supreme Court of Justice of Argentina</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>EASA</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Electricidad Argentina S.A.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>edenor</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Empresa Distribuidora y Comercializadora Norte S.A.</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Edesur S.A</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Empresa Distribuidora Sur S.A.</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>ENRE</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>National Regulatory Authority for the Distribution of Electricity</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>FNEE</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>National Electrical Energy Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>FACPCE</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Argentine Federation of Professional Councils in Economic Sciences</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>FOCEDE</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Fund for Electric Power Distribution Expansion and Consolidation Works</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>FOTAE</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Trust for the Management of Electric Power Transmission Works</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>ICBC</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Industrial and Commercial Bank of China</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>IAS</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>International Accounting Standards</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>IASB</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Accounting Standards Board</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>IEASA</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Argentine Energy Integration S.A.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>IFRIC</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>International Financial Reporting Interpretations Committee</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>IFRS</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>International Financial Reporting Standards</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>INDEC</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>National Institute of Statistics and Census</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>IPC</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Consumer Price Index</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>IPIM</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Domestic Wholesale Price Index</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>ITCRM</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Multilateral real exchange rate index</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>MEM</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Wholesale Electricity Market</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>MINEM</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Energy and Mining Ministry</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>NYSE</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>New York Stock Exchange</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>OSV</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Or&#237;genes Seguros de Vida S.A.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>PEN</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Federal Government</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>PESA</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Pampa Energ&#237;a S.A.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>RECPAM</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Gain on net monetary position</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>RDSA</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Ribera Desarrollos S.A.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>RTI</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Tariff Structure Review</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>SACME</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>S.A. Centro de Movimiento de Energ&#237;a</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>SEE</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Electric Energy Secretariat</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>SEGBA</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Servicios El&#233;ctricos del Gran Buenos Aires S.A.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>VAD</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Distribution Added Value</FONT>&nbsp;</TD></TR></TABLE>

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<TR>

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   <DIV>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL STATEMENTS</FONT></B></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></DIV></TD></TR></TABLE></DIV><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT></B></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Legal Information</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 12pt 0in 10pt"><B><FONT lang=ES style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>Corporate name:</FONT></B><FONT lang=ES style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif> Empresa Distribuidora y Comercializadora Norte S.A. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 12pt 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>Legal address: </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>6363 Del Libertador Ave., City of Buenos Aires</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>Main business: </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>Distribution and sale of electricity in the area and under the terms of the Concession Agreement by which this public service is regulated.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Date of registration with the Public Registry of Commerce</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>: </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 20.25pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>-</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>of the Articles of Incorporation: August 3, 1992</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 20.25pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>-</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>of the last amendment to the By-laws: May 28, 2007</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 20.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Term of the Corporation</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>: </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>August</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>3, 2087</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Registration number with the &#8220;Inspecci&#243;n General de Justicia&#8221; (the Argentine governmental regulatory agency of corporations)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>: </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,559,940</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Parent company: </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>PESA</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Legal address: </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1 Maip&#250; Street, CABA</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Main business of the parent company:&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Study, exploration and exploitation of hydrocarbon wells, development of mining activities, industrialization, transport and sale of hydrocarbons and their by-products, and the generation, transmission and distribution of electricity. Investment in undertakings and in companies of any nature on its own account or on behalf of third parties or associates of third parties in Argentina or abroad.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Interest held by the parent company in capital stock and votes: </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>51.76%</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=verdana,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>CAPITAL STRUCTURE</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>AS OF DECEMBER 31, 2018</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>(amounts stated in pesos)</FONT></P>

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

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center>&nbsp;</P>

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



<TR>

   <TD width="71%"></TD>

   <TD width="28%" align=center></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=center><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Subscribed and</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 75.96pt" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Class of shares</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 17.64pt" align=center><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>paid-in</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-RIGHT: #ffffff 4px solid; BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(See Note 17)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Common, book-entry shares, face value 1 and 1</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>vote per share</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Class A</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>462,292,111</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Class B (1)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>442,210,385</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Class C (2)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>1,952,604</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>906,455,100</FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt; TEXT-INDENT: -21.3pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: baseline; LINE-HEIGHT: normal" face=arial,sans-serif>(1)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; VERTICAL-ALIGN: baseline; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: baseline; LINE-HEIGHT: normal" face=arial,sans-serif>Includes 23,385,028 and 7,794,168 treasury shares as of December 31, 2018 and 2017, respectively. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt; TEXT-INDENT: -21.3pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: baseline; LINE-HEIGHT: normal" face=arial,sans-serif>(2)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; VERTICAL-ALIGN: baseline; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: baseline; LINE-HEIGHT: normal" face=arial,sans-serif>Relates to the Employee Stock Ownership Program Class C shares that have not been transferred.</FONT></P>

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

<P style="MARGIN: 0in 0in 0pt 35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></P><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>

<P style="MARGIN: 0in 0in 10pt"><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#bfbfbf face=Arial,sans-serif></FONT></B>&nbsp;</P></FONT>

<P style="MARGIN: 0in 0in 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>&nbsp; </FONT></P>

<DIV>&nbsp;</DIV>

<DIV></DIV>

<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face=Arial>1</FONT></P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
&nbsp; <A name=page_6></A>
<a name="_bclHeader6"></a><DIV>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: -56.7pt" align=center></P>
<DIV align=left>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD>
      <DIV>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL
      STATEMENTS</FONT></B></FONT><FONT color=#a6a6a6 face=arial,sans-serif></FONT></P></DIV></TD></TR></TABLE></DIV><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></DIV>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>edenor</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>Statement of Financial Position </FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>as
of December 31, 2018 and 2017</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>(Stated in
thousands of pesos in measuring unit current &#8211; Note 3)</FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center>&nbsp;</P>
<TABLE style="WIDTH: 100%" cellSpacing=0 border=0>

  <TR>
    <TD width="64%"></TD>
    <TD width="10%"></TD>
    <TD width="1%"></TD>
    <TD width="12%"></TD>
    <TD width="1%"></TD>
    <TD width="12%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="64%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Note</FONT></B>&nbsp;</TD>
    <TD width="1%" align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12.31.18</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12.31.17</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="64%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>ASSETS</FONT></B>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="64%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Non-current
    assets</FONT></B>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="64%" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Property, plant and
    equipment</FONT>&nbsp;</TD>
    <TD width="10%" align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9</FONT></B>&nbsp;</TD>
    <TD width="1%" align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>62,474,843</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>57,060,187</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="64%" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Interest in joint
    ventures</FONT>&nbsp;</TD>
    <TD width="10%" align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>7</FONT></B>&nbsp;</TD>
    <TD width="1%" align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>8,844</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>10,693</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="64%" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Other receivables</FONT>&nbsp;</TD>
    <TD width="10%" align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>11</FONT></B>&nbsp;</TD>
    <TD width="1%" align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>800,741</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>62,676</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="64%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total non-current
      assets</FONT></B>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>63,284,428</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>57,133,556</FONT></B>&nbsp;</TD></TR>
  <TR>
    <TD width="64%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%"></TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="1%"></TD>
    <TD width="12%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="64%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Current
    assets</FONT></B>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="64%" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Inventories</FONT>&nbsp;</TD>
    <TD width="10%" align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>15</FONT></B>&nbsp;</TD>
    <TD width="1%" align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>1,259,799</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>649,580</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="64%" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Other receivables</FONT>&nbsp;</TD>
    <TD width="10%" align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>11</FONT></B>&nbsp;</TD>
    <TD width="1%" align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>242,117</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>296,219</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="64%" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Trade receivables</FONT>&nbsp;</TD>
    <TD width="10%" align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12</FONT></B>&nbsp;</TD>
    <TD width="1%" align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>7,587,906</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>8,385,237</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="64%" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Financial assets at fair value
      through profit or loss</FONT>&nbsp;</TD>
    <TD width="10%" align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>13</FONT></B>&nbsp;</TD>
    <TD width="1%" align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>3,381,550</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>4,278,008</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="64%" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Financial assets at amortized
      cost</FONT>&nbsp;</TD>
    <TD width="10%" align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>14</FONT></B>&nbsp;</TD>
    <TD width="1%" align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>1,208,770</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>16,978</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="64%" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Cash and cash
    equivalents</FONT>&nbsp;</TD>
    <TD width="10%" align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>16</FONT></B>&nbsp;</TD>
    <TD width="1%" align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>27,608</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>122,349</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="64%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total current
      assets</FONT></B>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>13,707,750</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>13,748,371</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="64%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>TOTAL
    ASSETS</FONT></B>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="12%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>76,992,178</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="12%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>70,881,927</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center>&nbsp;</P>
<a name="_bclFooter6"></a><DIV><FONT lang=ES face=arial,sans-serif></FONT>&nbsp;</DIV>
<DIV></DIV>
<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face=Arial>2</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_7></A>
<a name="_bclHeader7"></a><DIV>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: -63.8pt" align=center></P>
<DIV align=left>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD>
      <DIV>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL
      STATEMENTS</FONT></B></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></DIV></TD></TR></TABLE></DIV>
<DIV align=left>&nbsp;</DIV><FONT size=+0></FONT></DIV>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>edenor</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>Statement of Financial Position </FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>as
of December 31, 2018 and 2017 </FONT></B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>(continued)</FONT></I></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>(Stated in
thousands of pesos in measuring unit current &#8211; Note 3)</FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center>&nbsp;</P>
<TABLE style="WIDTH: 100%" cellSpacing=0 border=0>

  <TR>
    <TD width="64%"></TD>
    <TD width="10%" align=center></TD>
    <TD width="1%"></TD>
    <TD width="12%"></TD>
    <TD width="1%"></TD>
    <TD width="12%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="64%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=left>&nbsp;<STRONG><FONT size=2 face=Arial>Note</FONT></STRONG>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12.31.18</FONT></B>&nbsp;</TD>
    <TD width="1%" align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12.31.17</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="64%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>EQUITY</FONT></B>&nbsp;</TD>
    <TD width="10%" align=center>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="64%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Share capital and reserve
      attributable to the owners</FONT></B>&nbsp;</TD>
    <TD width="10%" align=center>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="64%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>of the
    Company</FONT></B>&nbsp;</TD>
    <TD width="10%" align=center>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="64%" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Share capital</FONT>&nbsp;</TD>
    <TD width="10%" align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>17</FONT></B>&nbsp;</TD>
    <TD width="1%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>883,342</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>898,661</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="64%" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Adjustment to share
    capital</FONT>&nbsp;</TD>
    <TD width="10%" align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>17</FONT></B>&nbsp;</TD>
    <TD width="1%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>17,065,577</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>17,224,397</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="64%" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Additional paid-in
    capital</FONT>&nbsp;</TD>
    <TD width="10%" align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>17</FONT></B>&nbsp;</TD>
    <TD width="1%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>240,621</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>229,921</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="64%" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Treasury stock</FONT>&nbsp;</TD>
    <TD width="10%" align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>17</FONT></B>&nbsp;</TD>
    <TD width="1%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>23,113</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>7,794</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="64%" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Adjustment to treasury
    stock</FONT>&nbsp;</TD>
    <TD width="10%" align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>17</FONT></B>&nbsp;</TD>
    <TD width="1%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>225,551</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>66,731</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="64%" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Cost treasury stock</FONT>&nbsp;</TD>
    <TD width="10%" align=center>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(1,068,784)</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="64%" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Legal reserve</FONT>&nbsp;</TD>
    <TD width="10%" align=center>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>152,766</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>152,766</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="64%" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Opcional reserve</FONT>&nbsp;</TD>
    <TD width="10%" align=center>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>367,058</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>367,058</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="64%" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Other comprehensive
    loss</FONT>&nbsp;</TD>
    <TD width="10%" align=center>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(136,877)</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(132,930)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="64%" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Accumulated losses</FONT>&nbsp;</TD>
    <TD width="10%" align=center>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>13,216,605</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>8,979,321</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="64%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>TOTAL
    EQUITY</FONT></B>&nbsp;</TD>
    <TD width="10%" align=center>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>30,968,972</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>27,793,719</FONT></B>&nbsp;</TD></TR>
  <TR>
    <TD width="64%">&nbsp;</TD>
    <TD width="10%" align=center>&nbsp;</TD>
    <TD width="1%"></TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="1%"></TD>
    <TD width="12%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="64%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>LIABILITIES</FONT></B>&nbsp;</TD>
    <TD width="10%" align=center>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="64%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Non-current
      liabilities</FONT></B>&nbsp;</TD>
    <TD width="10%" align=center>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="64%" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Trade payables</FONT>&nbsp;</TD>
    <TD width="10%" align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>19</FONT></B>&nbsp;</TD>
    <TD width="1%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>286,217</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>355,706</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="64%" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Other payables</FONT>&nbsp;</TD>
    <TD width="10%" align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>20</FONT></B>&nbsp;</TD>
    <TD width="1%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>7,624,145</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>8,909,968</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="64%" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Borrowings</FONT>&nbsp;</TD>
    <TD width="10%" align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>22</FONT></B>&nbsp;</TD>
    <TD width="1%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>7,192,467</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>6,189,294</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="64%" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Deferred revenue</FONT>&nbsp;</TD>
    <TD width="10%" align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>21</FONT></B>&nbsp;</TD>
    <TD width="1%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>275,437</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>287,384</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="64%" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Salaries and social security
      payable</FONT>&nbsp;</TD>
    <TD width="10%" align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>23</FONT></B>&nbsp;</TD>
    <TD width="1%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>162,737</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>176,679</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="64%" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Benefit plans</FONT>&nbsp;</TD>
    <TD width="10%" align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>24</FONT></B>&nbsp;</TD>
    <TD width="1%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>385,098</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>477,765</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="64%" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Tax payable</FONT>&nbsp;</TD>
    <TD width="10%" align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>26</FONT></B>&nbsp;</TD>
    <TD width="1%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>8,048,308</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>7,290,150</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="64%" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Provisions</FONT>&nbsp;</TD>
    <TD width="10%" align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>29</FONT></B>&nbsp;</TD>
    <TD width="1%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>1,070,150</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>883,119</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="64%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total non-current
      liabilities</FONT></B>&nbsp;</TD>
    <TD width="10%" align=center>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>25,044,559</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>24,570,065</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="64%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Current
      liabilities</FONT></B>&nbsp;</TD>
    <TD width="10%" align=center>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="64%" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Trade payables</FONT>&nbsp;</TD>
    <TD width="10%" align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>19</FONT></B>&nbsp;</TD>
    <TD width="1%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>14,608,977</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>13,577,520</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="64%" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Other payables</FONT>&nbsp;</TD>
    <TD width="10%" align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>20</FONT></B>&nbsp;</TD>
    <TD width="1%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>1,922,039</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>546,915</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="64%" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Borrowings</FONT>&nbsp;</TD>
    <TD width="10%" align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>22</FONT></B>&nbsp;</TD>
    <TD width="1%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>1,077,453</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>105,139</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="64%" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Derivative financial
      instruments</FONT>&nbsp;</TD>
    <TD width="10%" align=center>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>1,035</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>291</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="64%" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Deferred revenue</FONT>&nbsp;</TD>
    <TD width="10%" align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>21</FONT></B>&nbsp;</TD>
    <TD width="1%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>5,346</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>4,961</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="64%" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Salaries and social security
      payable</FONT>&nbsp;</TD>
    <TD width="10%" align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>23</FONT></B>&nbsp;</TD>
    <TD width="1%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>1,742,626</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>1,801,492</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="64%" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Benefit plans</FONT>&nbsp;</TD>
    <TD width="10%" align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>24</FONT></B>&nbsp;</TD>
    <TD width="1%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>32,365</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>46,375</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="64%" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Tax payable</FONT>&nbsp;</TD>
    <TD width="10%" align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>26</FONT></B>&nbsp;</TD>
    <TD width="1%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>617,326</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>689,091</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="64%" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Tax liabilities</FONT>&nbsp;</TD>
    <TD width="10%" align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>27</FONT></B>&nbsp;</TD>
    <TD width="1%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>784,045</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>1,555,501</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="64%" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Provisions</FONT>&nbsp;</TD>
    <TD width="10%" align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>29</FONT></B>&nbsp;</TD>
    <TD width="1%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>187,435</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>190,858</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="64%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total current
      liabilities</FONT></B>&nbsp;</TD>
    <TD width="10%" align=center>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>20,978,647</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>18,518,143</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="64%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>TOTAL
    LIABILITIES</FONT></B>&nbsp;</TD>
    <TD width="10%" align=center>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>46,023,206</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>43,088,208</FONT></B>&nbsp;</TD></TR>
  <TR>
    <TD width="64%">&nbsp;</TD>
    <TD width="10%" align=center>&nbsp;</TD>
    <TD width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%">&nbsp;</TD>
    <TD width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="64%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>TOTAL LIABILITIES AND
      EQUITY</FONT></B>&nbsp;</TD>
    <TD width="10%" align=center>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>76,992,178</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>70,881,927</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center></P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>The
accompanying notes are an integral part of the </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>Financial Statements</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>.</FONT></P>
<P style="MARGIN: 0in 0in 10pt"><FONT lang=ES style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp; </FONT></P>
<DIV></DIV>
<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face=Arial>3</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_8></A>
<a name="_bclHeader8"></a><DIV>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: -56.7pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: -56.7pt" align=center></P>
<DIV align=left>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD>
      <DIV>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL
      STATEMENTS</FONT></B></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></DIV></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=ES-AR style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></DIV>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>edenor</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>Statement of Comprehensive Income</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>for
the years ended December 31, 2018, 2017 and 2016 </FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>(Stated in
thousands of pesos in measuring unit current &#8211; Note 3)</FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 35.45pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt" align=center>&nbsp;</P>
<TABLE style="WIDTH: 100%" cellSpacing=0 border=0>

  <TR>
    <TD width="51%"></TD>
    <TD width="10%"></TD>
    <TD width="1%"></TD>
    <TD width="12%"></TD>
    <TD width="1%"></TD>
    <TD width="12%"></TD>
    <TD width="1%"></TD>
    <TD width="12%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="51%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Note</FONT></B>&nbsp;</TD>
    <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12.31.18</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12.31.17</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12.31.16</FONT></B>&nbsp;</TD></TR>
  <TR>
    <TD width="51%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%"></TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="1%"></TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="1%"></TD>
    <TD width="12%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="51%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Revenue</FONT>&nbsp;</TD>
    <TD width="10%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>30</FONT></B>&nbsp;</TD>
    <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>55,953,649</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>39,602,868</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>25,826,759</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="51%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Electric power
    purchases</FONT>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(31,875,655)</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(20,820,281)</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(11,989,634)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="51%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Subtotal</FONT></B>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>24,077,994</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>18,782,587</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>13,837,125</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="51%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Transmission and distribution
      expenses</FONT>&nbsp;</TD>
    <TD width="10%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>31</FONT></B>&nbsp;</TD>
    <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(10,912,722)</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(9,247,065)</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(13,263,857)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="51%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Gross
gain</FONT></B>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>13,165,272</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9,535,522</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>573,268</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="51%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Selling expenses</FONT>&nbsp;</TD>
    <TD width="10%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>31</FONT></B>&nbsp;</TD>
    <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(5,032,681)</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(3,567,838)</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(3,379,261)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="51%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Administrative
    expenses</FONT>&nbsp;</TD>
    <TD width="10%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>31</FONT></B>&nbsp;</TD>
    <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(2,872,127)</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(2,504,506)</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(2,288,037)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="51%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Other operating expense,
    net</FONT>&nbsp;</TD>
    <TD width="10%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>32</FONT></B>&nbsp;</TD>
    <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(1,320,810)</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(1,102,692)</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(913,015)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="51%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Gain from interest in joint
      ventures</FONT>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,602</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>10,052</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>6</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="51%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Operating profit (loss)
      before income from provisional</FONT></B>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="51%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>remedies, higer costs
      recognition and SE Resolution N&#176;</FONT></B>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="51%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>32/15</FONT></B>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,941,256</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,370,538</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(6,007,039)</FONT></B>&nbsp;</TD></TR>
  <TR>
    <TD width="51%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%"></TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="1%"></TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="1%"></TD>
    <TD width="12%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="51%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Recognition of income &#8211; provisional
      remedies &#8211; MINEM Note</FONT>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="51%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>2016-04484723</FONT>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>2,074,170</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="51%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Income recognition on account of the
      RTI - SEE Resolution</FONT>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="51%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>N&#176; 32/15</FONT>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>958,289</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="51%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Higher cost recognition &#8211; SEE
      Resolution N&#176; 250/13 and</FONT>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="51%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>subsequent Notes</FONT>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>185,436</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="51%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Operating profit
      (loss)</FONT></B>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,941,256</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,370,538</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(2,789,144)</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="51%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Financial income</FONT>&nbsp;</TD>
    <TD width="10%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>33</FONT></B>&nbsp;</TD>
    <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>671,783</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>453,804</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>384,593</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="51%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Financial expenses</FONT>&nbsp;</TD>
    <TD width="10%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>33</FONT></B>&nbsp;</TD>
    <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(4,976,719)</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(2,570,256)</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(2,589,227)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="51%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Other financial
    results</FONT>&nbsp;</TD>
    <TD width="10%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>33</FONT></B>&nbsp;</TD>
    <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(1,965,320)</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(168,468)</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(87,303)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="51%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Net financial
      expense</FONT></B>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(6,270,256)</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(2,284,920)</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(2,291,937)</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="51%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Gain on net monetary
    position</FONT>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>8,503,862</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>5,505,073</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>5,469,122</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="51%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Profit before
      taxes</FONT></B>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>6,174,862</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>5,590,691</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>388,041</FONT></B>&nbsp;</TD></TR>
  <TR>
    <TD width="51%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%"></TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="1%"></TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="1%"></TD>
    <TD width="12%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="51%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Income tax</FONT>&nbsp;</TD>
    <TD width="10%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>26</FONT></B>&nbsp;</TD>
    <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(1,877,396)</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(510,056)</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(147,270)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="51%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Profit for the
      year</FONT></B>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4,297,466</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>5,080,635</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>240,771</FONT></B>&nbsp;</TD></TR>
  <TR>
    <TD width="51%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%"></TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="1%"></TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="1%"></TD>
    <TD width="12%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="51%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Other comprehensive
      income</FONT></B>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="51%" align=left><B><I><FONT size=1 face=Arial-BoldItalicMT,Arial,Helvetica,sans-serif>Items that will not be
      reclassified to profit or loss</FONT></I></B>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="51%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Results related to benefit
      plans</FONT>&nbsp;</TD>
    <TD width="10%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>24</FONT></B>&nbsp;</TD>
    <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(5,638)</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>22,219</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>14,404</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="51%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Tax effect of actuarial results on
      benefit plans</FONT>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,691</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(7,216)</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(5,041)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="51%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Result from exposure to
      inlfation</FONT>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(42,904)</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(29,392)</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(15,951)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="51%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total other comprehensive
      results</FONT></B>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(46,851)</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(14,389)</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(6,588)</FONT></B>&nbsp;</TD></TR>
  <TR>
    <TD width="51%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%"></TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="1%"></TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="1%"></TD>
    <TD width="12%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="51%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Comprehensive income for the
      year attributable to:</FONT></B>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="51%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Owners of the parent</FONT>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>4,250,615</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>5,066,246</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>234,183</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="51%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Comprehensive profit for the
      year</FONT></B>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4,250,615</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>5,066,246</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>234,183</FONT></B>&nbsp;</TD></TR>
  <TR>
    <TD width="51%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%"></TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="1%"></TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="1%"></TD>
    <TD width="12%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="51%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Basic and diluted earnings
      profit per share:</FONT></B>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="51%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Basic and diluted earnings profit
      per share</FONT>&nbsp;</TD>
    <TD width="10%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>34</FONT></B>&nbsp;</TD>
    <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>4.83</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>5.66</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>0.27</FONT>&nbsp;</TD></TR></TABLE>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt" align=center></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The
accompanying notes are an integral part of the </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Financial Statements</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>.</FONT></P><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif><BR clear=all></FONT>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=georgia><FONT lang=ES-AR style="FONT-SIZE: 10pt" color=black size=3 face="Times New Roman"></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></DIV>
<DIV></DIV>
<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face=Arial>4</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_9></A>
<a name="_bclHeader9"></a><DIV>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: -56.7pt" align=center></P>
<DIV align=left>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD>
      <DIV>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL
      STATEMENTS</FONT></B></FONT></P>
      <P style="MARGIN: 0in 0in 0pt"><FONT color=#a6a6a6 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></DIV></TD></TR></TABLE></DIV><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B></DIV>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>edenor</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>Statement of </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>Changes in Equity</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>for
the years ended December 31, 2018, 2017 and 2016</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>(Stated in thousands of pesos in measuring unit current &#8211;
Note 3)</FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in" align=center>&nbsp;</P>
<TABLE cellSpacing=0 border=0>

  <TR vAlign=bottom>
    <TD width="17%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>Share
      capital</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=center><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>Adjustment
      to<FONT face="Times New Roman">&nbsp;</FONT>share capital</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=center><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=center><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>Treasury
      stock </FONT></TD>
    <TD width="1%" align=center><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=center><FONT style="FONT-SIZE: 7pt" face=Arial>Adjust- ment&nbsp;to treasury stock<FONT face="Times New Roman">&nbsp;</FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=center><FONT face=Arial></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=center><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>Additional
      paid-in&nbsp;&nbsp;<FONT face="Times New Roman">&nbsp;</FONT>capital</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=center><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=center><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>Cost treasury
      stock</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=center><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=center><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>Legal reserve
      </FONT></TD>
    <TD width="1%" align=center><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=center><FONT style="FONT-SIZE: 7pt" face=Arial>Opcional reserve&nbsp;</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=center><FONT face=Arial></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=center><FONT style="FONT-SIZE: 7pt" face=Arial>Other reserve</FONT></TD>
    <TD width="1%" align=center><FONT face=Arial></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 13.116pt" width="6%" align=center>
      <P align=center><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>Other<FONT face="Times New Roman">&nbsp;<BR></FONT></FONT><FONT style="FONT-SIZE: 7pt"><FONT face=Arial,Arial,Helvetica,sans-serif>comprehesive<BR></FONT><FONT face=Arial,Arial,Helvetica,sans-serif>loss</FONT></FONT></P></TD>
    <TD width="1%" align=center>
      <P align=center><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=center>
      <P><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>Accumulated<BR></FONT><FONT style="FONT-SIZE: 7pt"><FONT face=Arial,Arial,Helvetica,sans-serif>income</FONT>&nbsp;</FONT></P></TD>
    <TD width="1%" align=center>
      <P><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=center><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif><STRONG><FONT style="FONT-SIZE: 7pt">Total<BR></FONT></STRONG><FONT style="FONT-SIZE: 7pt"><STRONG>equity</STRONG></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="17%" align=left><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Balance at December 31,
      2015</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>897,043</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>17,220,537</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>9,412</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>70,591</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>183,604</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>-</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>-</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>-</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>-</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>(157,296)</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>4,177,739</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>22,401,630</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD width="17%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="6%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%"></TD>
    <TD width="6%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%"></TD>
    <TD width="6%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%"></TD>
    <TD width="6%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%"></TD>
    <TD width="6%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%"></TD>
    <TD width="6%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%"></TD>
    <TD width="6%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%"></TD>
    <TD width="6%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%"></TD>
    <TD width="6%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%"></TD>
    <TD width="6%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%"></TD>
    <TD width="6%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%"></TD>
    <TD width="6%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="17%" align=left><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>Ordinary and Extraordinary
      Shareholders' Meeting held on</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="17%" align=left><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>04.28.2016</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>152,766</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>367,058</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>(519,824)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="17%" align=left><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>Other reserve constitution -
      Share-bases compensation</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="17%" align=left><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>plan (Note 25)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>32,833</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>32,833</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="17%" align=left><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>Profit for the year</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>240,771</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>240,771</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="17%" align=left><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>Other comprehensive results for the
      year</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>9,363</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>9,363</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="17%" align=left><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Balance at December 31,
      2016</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>897,043</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>17,220,537</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>9,412</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>70,591</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>183,604</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>-</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>152,766</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>367,058</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>32,833</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>(147,933)</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,898,686</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>22,684,597</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD width="17%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="6%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%"></TD>
    <TD width="6%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%"></TD>
    <TD width="6%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%"></TD>
    <TD width="6%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%"></TD>
    <TD width="6%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%"></TD>
    <TD width="6%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%"></TD>
    <TD width="6%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%"></TD>
    <TD width="6%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%"></TD>
    <TD width="6%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%"></TD>
    <TD width="6%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%"></TD>
    <TD width="6%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%"></TD>
    <TD width="6%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="17%" align=left><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>Other reserve constitution -
      Share-bases compensation</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="17%" align=left><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>plan</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>13,484</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>13,484</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="17%" align=left><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>Other reserve constitution -
      Share-bases compensation</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="17%" align=left><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>plan</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>1,618</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>3,860</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>(1,618)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>(3,860)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>46,317</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>(46,317)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>-</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="17%" align=left><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>Profit for the year</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>5,080,635</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>5,080,635</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="17%" align=left><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>Other comprehensive results for the
      year</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>15,003</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>15,003</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="17%" align=left><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Balance at December 31,
      2017</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>898,661</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>17,224,397</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>7,794</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>66,731</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>229,921</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>-</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>152,766</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>367,058</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>-</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>(132,930)</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>8,979,321</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>27,793,719</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="17%" align=left><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>Change of accounting standard (Note
      6) - Adjustment by</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="17%" align=left><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>model of expected losses IFRS
      9</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>(60,182)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>(60,182)</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="17%" align=left><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Balance at December 31, 2017
      restated</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>898,661</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>17,224,397</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>7,794</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>66,731</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>229,921</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>-</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>152,766</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>367,058</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>-</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>(132,930)</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>8,919,139</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>27,733,537</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD width="17%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="6%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%"></TD>
    <TD width="6%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%"></TD>
    <TD width="6%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%"></TD>
    <TD width="6%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%"></TD>
    <TD width="6%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%"></TD>
    <TD width="6%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%"></TD>
    <TD width="6%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%"></TD>
    <TD width="6%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%"></TD>
    <TD width="6%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%"></TD>
    <TD width="6%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%"></TD>
    <TD width="6%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%"></TD>
    <TD width="6%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="17%" align=left><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>Other reserve constitution -
      Share-bases compensation</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="17%" align=left><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>plan (Note 25)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>10,700</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>10,700</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="17%" align=left><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>Payment of Other reserve
      constitution - Share-bases</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="17%" align=left><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>compensation plan (Note
      25)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>272</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>299</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>(272)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>(299)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>10,700</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>(10,700)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>-</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="17%" align=left><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>Acquisition of own shares (Note
      17)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>(15,591)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>(159,119)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>15,591</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>159,119</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>(1,068,784)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1,068,784)</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="17%" align=left><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>Other comprehensive results for the
      year</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>(3,947)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="6%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>(3,947)</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="17%" align=left><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>Profit for the year</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>4,297,466</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>4,297,466</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="17%" align=left><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Balance at December 31,
      2018</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>883,342</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>17,065,577</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>23,113</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>225,551</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>240,621</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1,068,784)</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>152,766</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>367,058</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>-</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>(136,877)</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>13,216,605</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>30,968,972</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR></TABLE>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: 9pt" align=center></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 35.45pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 113.4pt; TEXT-INDENT: -77.95pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 113.4pt; TEXT-INDENT: -77.95pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The accompanying notes are an integral part of the
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Financial Statements</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>.</FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 113.4pt; TEXT-INDENT: -77.95pt" align=center><FONT size=2 face=Arial></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 113.4pt; TEXT-INDENT: -77.95pt" align=center><FONT size=2 face=Arial></FONT>&nbsp;</P>
<TABLE style="WIDTH: 100%" cellSpacing=0 border=0>

  <TR>
    <TD width="26%"></TD>
    <TD width="49%"></TD>
    <TD width="24%"></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=3 align=center><FONT size=1 face=Verdana,Arial,Helvetica,sans-serif>Vease nuestro informe de
      fecha</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=3 align=center><FONT size=1 face=Verdana,Arial,Helvetica,sans-serif>9 de agosto de 2017</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=3 align=center><B><FONT size=1 face=Verdana-Bold,Arial,Helvetica,sans-serif>PRICE WATERHOUSE &amp; CO.
      S.R.L.</FONT></B></TD></TR>
  <TR>
    <TD colSpan=3>&nbsp;</TD></TR>
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    <TD style="BORDER-RIGHT: #ffffff 10px solid; BORDER-BOTTOM: #000000 1px solid" align=center>&nbsp;</TD>
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      <P style="TEXT-ALIGN: right"><FONT size=1 face=Verdana,Arial,Helvetica,sans-serif>(Socio)</FONT></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=center><B><FONT size=1 face=Verdana-Bold,Arial,Helvetica,sans-serif>DANIEL
    ABELOVICH</FONT></B>&nbsp;</TD>
    <TD align=center><B><FONT size=1 face=Verdana-Bold,Arial,Helvetica,sans-serif>C.P.C.E.C.A.B.A. T&#186; 1 F&#186;
      17</FONT></B>&nbsp;</TD>
    <TD align=center><B><FONT size=1 face=Verdana-Bold,Arial,Helvetica,sans-serif>RICARDO
    TORRES</FONT></B>&nbsp;</TD></TR></TABLE>
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</FONT></DIV>
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<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face=Arial>5</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_10></A>
<a name="_bclHeader10"></a><DIV>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: -56.7pt" align=center></P>
<DIV align=left>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD>
      <DIV>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL
      STATEMENTS</FONT></B></FONT></P>
      <P style="MARGIN: 0in 0in 0pt"><FONT color=#a6a6a6 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></DIV></TD></TR></TABLE></DIV>&nbsp;
</DIV>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>edenor</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>Statement of
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>Cash Flows</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 35.45pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>for
the years ended December 31, 2018, 2017 and 2016</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>(Stated in thousands of pesos in measuring unit current &#8211;
Note 3)&nbsp; </FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0pt" align=center>&nbsp;</P>
<TABLE style="WIDTH: 100%" cellSpacing=0 border=0>

  <TR>
    <TD width="52%"></TD>
    <TD width="10%"></TD>
    <TD width="12%"></TD>
    <TD width="1%"></TD>
    <TD width="12%"></TD>
    <TD width="1%"></TD>
    <TD width="12%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="52%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Note</FONT></B>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12.31.18</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12.31.17</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12.31.16</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="52%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Cash flows from operating
      activities</FONT></B>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="52%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Profit for the year</FONT>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>4,297,466</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>5,080,635</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>240,771</FONT>&nbsp;</TD></TR>
  <TR>
    <TD width="52%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="1%"></TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="1%"></TD>
    <TD width="12%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="52%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Adjustments to reconcile net
      (loss) profit to net cash flows from</FONT></B>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="52%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>operating
      activities:</FONT></B>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="52%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Depreciation of property, plants and
      equipments</FONT>&nbsp;</TD>
    <TD width="10%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>31</FONT></B>&nbsp;</TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>2,561,499</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>2,148,089</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>2,147,241</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="52%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Loss on disposals of property,
      plants and equipments</FONT>&nbsp;</TD>
    <TD width="10%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>32</FONT></B>&nbsp;</TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>134,455</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>49,824</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>244,456</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="52%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Net accrued interest</FONT>&nbsp;</TD>
    <TD width="10%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>33</FONT></B>&nbsp;</TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>4,296,427</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>2,113,569</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>2,198,026</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="52%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Exchange difference</FONT>&nbsp;</TD>
    <TD width="10%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>33</FONT></B>&nbsp;</TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>3,130,769</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>564,056</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>911,819</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="52%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Income tax</FONT>&nbsp;</TD>
    <TD width="10%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>26</FONT></B>&nbsp;</TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,877,396</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>510,056</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>147,270</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="52%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Allowance for the impairment of
      trade and other receivables, net of recovery</FONT>&nbsp;</TD>
    <TD width="10%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>31</FONT></B>&nbsp;</TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>977,503</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>391,615</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>433,371</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="52%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Adjustment to present value of
      receivables</FONT>&nbsp;</TD>
    <TD width="10%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>33</FONT></B>&nbsp;</TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>327</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>431</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(5,749)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="52%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Provision for
    contingencies</FONT>&nbsp;</TD>
    <TD width="10%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>32</FONT></B>&nbsp;</TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>724,097</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>542,364</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>301,808</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="52%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Changes in fair value of financial
      assets</FONT>&nbsp;</TD>
    <TD width="10%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>33</FONT></B>&nbsp;</TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(703,123)</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(437,577)</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(891,773)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="52%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Accrual of benefit
    plans</FONT>&nbsp;</TD>
    <TD width="10%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>24</FONT></B>&nbsp;</TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>112,208</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>169,454</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>194,232</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="52%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Gain from interest in joint
      ventures</FONT>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(1,602)</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(10,052)</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(6)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="52%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Higher cost recognition &#8211; SEE
      Resolution 250/13 and subsequent Notes</FONT>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(185,436)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="52%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Income recognition on account of the
      RTI - SE Resolution 32/15</FONT>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(958,289)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="52%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Recognition of income &#8211; provisional
      remedies &#8211; MINEM Note 2016-</FONT>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="52%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>04484723</FONT>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(2,074,170)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="52%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Contractual resolution of real
      estate asset</FONT>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(500,803)</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="52%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Net gain from the repurchase of
      Corporate Bonds</FONT>&nbsp;</TD>
    <TD width="10%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>37</FONT></B>&nbsp;</TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(4,539)</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(90)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="52%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Income from non-reimbursable
      customer contributions</FONT>&nbsp;</TD>
    <TD width="10%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>33</FONT></B>&nbsp;</TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(5,574)</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(4,372)</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(1,520)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="52%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Other reserve constitution - Share
      bases compensation plan</FONT>&nbsp;</TD>
    <TD width="10%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>32</FONT></B>&nbsp;</TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>10,700</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>11,469</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>32,833</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="52%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Gain on net monetary
    position</FONT>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(9,057,510)</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(5,526,378)</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(5,761,337)</FONT>&nbsp;</TD></TR>
  <TR>
    <TD width="52%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="1%"></TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="1%"></TD>
    <TD width="12%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="52%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Changes in operating assets
      and liabilities:</FONT></B>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="52%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Increase in trade
    receivables</FONT>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(2,131,406)</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(2,623,696)</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(5,503,081)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="52%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Decrease in other
    receivables</FONT>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>833,953</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>28,093</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,967,981</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="52%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Increase in
    inventories</FONT>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(819,875)</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(530,114)</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(283,022)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="52%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Increase in deferred
    revenue</FONT>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>88,368</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>86,859</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="52%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Increase in trade
    payables</FONT>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,796,518</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>5,003,116</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>5,146,159</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="52%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Increase in salaries and social
      security payable</FONT>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>565,657</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>314,806</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>579,828</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="52%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Decrease in benefit
    plans</FONT>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(55,354)</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(56,573)</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(57,013)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="52%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(Decrease) Increase in tax
      liabilities</FONT>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(515,651)</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(366,667)</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,832,418</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="52%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Increase in other
    payables</FONT>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>3,220,527</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>438,201</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>4,327,303</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="52%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Decrease in
    provisions</FONT>&nbsp;</TD>
    <TD width="10%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>29</FONT></B>&nbsp;</TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(325,247)</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(58,934)</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(95,930)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="52%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Payment of Tax
    payable</FONT>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(886,154)</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(390,763)</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="52%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Net cash flows generated by
      operating activities</FONT></B>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9,621,032</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>7,360,652</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4,974,959</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0pt" align=center></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 14.15pt 0pt 0in; TEXT-INDENT: 14.2pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 35.45pt">&nbsp;</P>
<a name="_bclFooter10"></a><DIV>&nbsp;<FONT lang=ES style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp; </FONT></DIV>
<DIV></DIV>
<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face=Arial>6</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_11></A>
<a name="_bclHeader11"></a><DIV>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: -56.7pt" align=center></P>
<DIV align=left>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD>
      <DIV>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL
      STATEMENTS</FONT></B></FONT></P>
      <P style="MARGIN: 0in 0in 0pt"><FONT color=#a6a6a6 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></DIV></TD></TR></TABLE></DIV>&nbsp;
</DIV>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>edenor</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 35.45pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>Statement of </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>Cash Flows</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 35.45pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>for
the years ended December 31, 2018, 2017 and 2016 </FONT></B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>(continued)</FONT></I></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>(Stated in thousands of pesos in measuring unit current &#8211;
Note 3)</FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt" align=center>&nbsp;</P>
<TABLE style="WIDTH: 100%" cellSpacing=0 border=0>

  <TR>
    <TD width="51%"></TD>
    <TD width="10%"></TD>
    <TD width="1%"></TD>
    <TD width="12%"></TD>
    <TD width="1%"></TD>
    <TD width="12%"></TD>
    <TD width="1%"></TD>
    <TD width="12%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="51%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Note</FONT></B>&nbsp;</TD>
    <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12.31.18</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12.31.17</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12.31.16</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="51%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Cash flows from investing
      activities</FONT></B>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="51%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Payment of property, plants and
      equipments</FONT>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(8,269,359)</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(7,897,106)</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(4,232,239)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="51%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Net collection of Financial
      assets</FONT>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(2,344,945)</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(1,013,532)</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>27,103</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="51%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Redemtion net of money market
      funds</FONT>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>2,312,229</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>348,233</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>109,182</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="51%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Mutuum granted to third
      parties</FONT>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(114,889)</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="51%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Collection of receivables from sale
      of subsidiaries</FONT>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>88,529</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>53,622</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>23,974</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="51%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Net cash flows used in
      investing activities</FONT></B>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(8,328,435)</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(8,508,783)</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(4,071,980)</FONT></B>&nbsp;</TD></TR>
  <TR>
    <TD width="51%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%"></TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="1%"></TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="1%"></TD>
    <TD width="12%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="51%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Cash flows from financing
      activities</FONT></B>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="51%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Proceeds from
    borrowings</FONT>&nbsp;</TD>
    <TD width="10%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>22</FONT></B>&nbsp;</TD>
    <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,285,946</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="51%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Payment of interests</FONT>&nbsp;</TD>
    <TD width="10%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>22</FONT></B>&nbsp;</TD>
    <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(652,667)</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(418,494)</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(516,799)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="51%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Payment of redemption on corporate
      notes</FONT>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(420,778)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="51%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Repurchase of corporate
    notes</FONT>&nbsp;</TD>
    <TD width="10%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>22</FONT></B>&nbsp;</TD>
    <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(375,520)</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(9,818)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="51%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Acquisition of own
    shares</FONT>&nbsp;</TD>
    <TD width="10%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>17</FONT></B>&nbsp;</TD>
    <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(1,068,784)</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="51%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Net cash flows (used in)
      generated by financing activities</FONT></B>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(2,096,971)</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>867,452</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(947,395)</FONT></B>&nbsp;</TD></TR>
  <TR>
    <TD width="51%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%"></TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="1%"></TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="1%"></TD>
    <TD width="12%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="51%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Decrease in cash and cash
      equivalents</FONT></B>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(804,374)</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(280,679)</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(44,416)</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="51%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="10%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="51%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Cash and cash equivalents at the
      beginning of year</FONT>&nbsp;</TD>
    <TD width="10%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>16</FONT></B>&nbsp;</TD>
    <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>122,349</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>381,785</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>237,619</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="51%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Exchange differences in cash and
      cash equivalents</FONT>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>155,985</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(62)</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(8,967)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="51%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Result from exposure to
      inlfation</FONT>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>553,648</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>21,305</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>292,215</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="51%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Decrease in cash and cash
      equivalents</FONT>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(804,374)</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(280,679)</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(44,416)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="51%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Cash and cash equivalents at
      the end of the year</FONT></B>&nbsp;</TD>
    <TD width="10%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>16</FONT></B>&nbsp;</TD>
    <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>27,608</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>122,349</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>476,451</FONT></B>&nbsp;</TD></TR>
  <TR>
    <TD width="51%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%"></TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="1%"></TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="1%"></TD>
    <TD width="12%">&nbsp;</TD></TR>
  <TR>
    <TD width="51%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%"></TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="1%"></TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="1%"></TD>
    <TD width="12%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="51%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Supplemental cash flows
      information</FONT></B>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="51%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Non-cash
      activities</FONT></B>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD width="51%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%"></TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="1%"></TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="1%"></TD>
    <TD width="12%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="51%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Acquisitions of property, plant and
      equipment through increased trade</FONT>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(677,207)</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(585,692)</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(379,146)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="51%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>payables</FONT>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD width="51%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%"></TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="1%"></TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="1%"></TD>
    <TD width="12%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="51%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Decrease of property, plant and
      equipment through increased other</FONT>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>439,300</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="51%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>receivables</FONT>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD></TR></TABLE>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt" align=center></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The
accompanying notes are an integral part of the </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Financial Statements</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>. </FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center>&nbsp;<FONT lang=ES style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp; </FONT></P>
<DIV></DIV>
<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face=Arial>7</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_12></A>
<a name="_bclHeader12"></a><DIV>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: -56.7pt" align=center></P>
<DIV align=left>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD>
      <DIV>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL
      STATEMENTS</FONT></B></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></DIV></TD></TR></TABLE></DIV>
<DIV align=left>&nbsp;</DIV><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 1 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>General
information</FONT></B></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>History and development of the Company</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>edenor</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif> was
organized on July 21, 1992 by Executive Order No. 714/92 in connection with the
privatization and concession process of the distribution and sale of electric
power carried out by SEGBA.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>By
means of an International Public Bidding, the PEN awarded 51% of the Company&#8217;s
capital stock, represented by the Class "A" shares, to the bid </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>made by EASA, the parent company of </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>edenor</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>
at that time. The award as well as the transfer contract were approved on August
24, 1992 by Executive Order No. 1,507/92 of the PEN.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>On
September 1, 1992, EASA took over the operations of </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>edenor</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The corporate purpose of </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>edenor</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif> is to engage
in the distribution and sale of electricity within the concession area.
Furthermore, among other activities, the Company may subscribe or acquire shares
of other electricity distribution companies, subject to the approval of the
regulatory agency, assign the use of the network to provide electricity
transmission or other voice, data and image transmission services, and render
advisory, training, maintenance, consulting, and management services and
know-how related to the distribution of electricity both in Argentina and
abroad. These activities may be conducted directly by </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>edenor</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif> or through
subsidiaries or related companies. In addition, the Company may act as trustee
of trusts created under Argentine laws.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The Company&#8217;s economic and financial
situation</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 12pt 0in; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>One of the main milestone events in 2017 was the return to
the regulatory framework, thanks to which the RTI and the new electricity rate
schedules, which have been almost entirely implemented since February 2018, have
materialized.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>In
that context, the Company&#8217;s Board of Directors is optimistic that the effects
caused by the application of the aforementioned RTI will make it possible to
gradually restore the Company&#8217;s economic and financial position; being confident
that the new electricity rates will result in the Company&#8217;s operating once again
under a regulatory framework with clear and precise rules, which will make it
possible to not only cover the operation costs, afford the investment plans and
meet debt interest payments, but also deal with the impact of the different
variables that affect the Company&#8217;s business. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>As
of December 31, 2018, the Company&#8217;s comprehensive income amounts to a profit of
$ 4.2 billion, whereas the working capital totals $ 7.3 billion&#8211; deficit-, which
includes the amount owed to CAMMESA for $ 11.9 billion</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#ff0066 face=arial,sans-serif> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>(principal
plus interest accrued as of December 31, 2018).</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The Company&#8217;s equity and negative working capital reflects
the deteriorated financial and cash position the Company still has as a
consequence of the Federal Government&#8217;s delay in the compliance with certain
obligations under the Adjustment Agreement, which are contingent on specific
negotiations and regulatory changes to be applied by the different governmental
bodies. Additionally, the increase in operating costs during the fiscal year, as
a consequence of the country&#8217;s macroeconomic context, made the Company intensify
its efforts to be able to absorb them and comply with the execution of the
investment plan and the carrying out of the essential operation and maintenance
works necessary to maintain the provision of the public service, object of the
concession, in a satisfactory manner in terms of quality and safety.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT face=georgia><FONT lang=ES-AR style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>
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<DIV></DIV>
<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face=Arial>8</FONT></P>
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      <DIV>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL
      STATEMENTS</FONT></B></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></DIV></TD></TR></TABLE></DIV></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The issues pending resolution </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=verdana,sans-serif>at the date
of issuance of these financial statements</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif> are, among
others, the following:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 78pt; TEXT-INDENT: -21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>i)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>the treatment to be given to the funds received from the
Federal Government through the loans for consumption (mutuums) agreements
entered into with CAMMESA for the fulfillment of the Extraordinary Investment
Plan, granted to cover the insufficiency of the FOCEDE&#8217;s funds; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 78pt; TEXT-INDENT: -21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 78pt; TEXT-INDENT: -21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>ii)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>the
conditions for the settlement of the balance outstanding with CAMMESA at the
date of issuance of SEE Resolution No. 32/15;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 78pt; TEXT-INDENT: -21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 78pt; TEXT-INDENT: -21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>iii)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>the treatment
to be given to the Penalties and Discounts determined by the ENRE under the
terms of the Adjustment Agreement not complied with by the Federal Government,
whose payment/crediting is pending.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>In
this regard, the Company and the Governmental Secretariat of Energy are
negotiating the signing of an agreement for the regularization of the previously
mentioned pending issues. All that within the framework of the transfer of
Concession Holders to the jurisdiction of the Province and the City of Buenos
Aires described in Note 2.h. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt; TEXT-INDENT: -49.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 2 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Regulatory
framework </FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 49.65pt; TEXT-INDENT: -14.2pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>a)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>General</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The ENRE is empowered to control the quality levels of the
technical product and service, the commercial service and the compliance with
public safety regulations, as provided for in the Concession Agreement. If the
Distribution Company fails to comply with the obligations assumed, the ENRE may
apply the penalties stipulated in the aforementioned Agreement.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 49.65pt; TEXT-INDENT: -14.2pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>b)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Concession</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The term of the concession is 95 years, which </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>may be extended for an additional maximum period of 10
years. The term of the concession is divided into management periods: a first
period of 15 years and subsequent periods of 10 years each. At the end of each
management period, the Class &#8220;A&#8221; shares representing 51% of the share capital of
</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>edenor</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>,
currently held by PESA, must be offered for sale through a public bidding. If
PESA makes the highest bid, it will continue to hold the Class &#8220;A&#8221; shares, and
no further disbursements will be necessary. On the contrary, if PESA is not the
highest bidder, then the bidder who makes the highest bid shall pay PESA the
amount of the bid in accordance with the conditions of the public bidding.&nbsp;
The proceeds from the sale of the Class &#8220;A&#8221; shares will be delivered to PESA
after deducting any amounts receivable to which the Grantor of the concession
may be entitled. The first management period ended at the conclusion of the
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>tariff period commenced on February 1, 2017.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The Company has the exclusive right to render electric
power distribution and sales services within the concession area to all the
customers who are not authorized to obtain their power supply from the MEM, thus
being obliged to supply all the electric power that may be required in due time
and in accordance with the established quality levels. In addition, the Company
must allow free access to its facilities to any MEM agents whenever required,
under the terms of the Concession. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>No
specific fee must be paid by the Company under the Concession Agreement during
the term of the concession.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>On
January 6, 2002, the PEN enacted Law No. 25,561 whereby adjustment clauses in
dollars, as well as any other indexation mechanisms stipulated in the contracts
entered into by the Federal Public Administration, including those related to
public utilities, were declared null and void as from such date. The resulting
prices and rates were converted into Argentine pesos at a rate of 1 peso per US
dollar. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>
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    <TD>
      <DIV>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL
      STATEMENTS</FONT></B></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></DIV></TD></TR></TABLE></DIV></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>In
this context, the Company is subject to compliance with the terms of its
Concession Agreement and the provisions of the regulatory framework comprised of
National Laws Nos. 14,772, 15,336 and 24,065, Resolutions and Regulatory and
supplementary standards issued by the different entities with authority over the
matter. Thus, the Company is responsible for the provision of the public service
of electricity distribution and sale with a satisfactory quality level,
complying for such purpose with the requirements set forth in the aforementioned
concession agreement and regulatory framework.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Failure to comply with the established guidelines will
result in the application of fines, based on the economic damage suffered by the
customer when the service is provided in an unsatisfactory manner, the amounts
of which will be determined in accordance with the methodology stipulated in the
above-mentioned agreement. The ENRE is the authority in charge of controlling
strict compliance with the pre-established guidelines.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 49.65pt; TEXT-INDENT: -14.2pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>c)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Electricity rate situation </FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>On
January 31, 2017, the ENRE issued Resolution No. 63/17, pursuant to which it
determined the definitive Electricity Rate Schedules, the review of costs, the
required quality levels, and all the other rights and obligations that are to be
applied and complied with by the Company as from February 1, 2017.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The aforementioned Resolution stated that the ENRE, as
instructed by the MINEM, were to limit the increase in the VAD resulting from
the RTI process and applicable as from February 1, 2017, to a maximum of 42%
vis-&#225;-vis the VAD in effect at the date of issuance of the aforementioned
resolution, with the remaining value of the new VAD being applied in two stages,
the first of them in November 2017 and the second and last one in February
2018.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Furthermore, on November 30, 2017, by means of Resolution
No. 603/17, the ENRE approved the CPD values, applicable as from December 1,
2017, and retroactively to consumption recorded in the months of August through
November 2017. That amount totaled $ 753.9 million and was billed in two
installments, December 2017 and January 2018. Additionally, the Electricity Rate
Schedule&#8217;s values, applicable as from December 1, 2017, were
approved.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>On
January 31, 2018, the ENRE issued Resolution No. 33/18, whereby it approves the
CPD values relating to the July 2017-December 2017 period, which were in the
order of 11.99%, the values of the 48 monthly installment to be applied in
accordance with the provisions of ENRE Resolution No. 329/17 which were deferred
in the year 2017, and the electricity rate schedule to be applied to consumption
recorded as from February 1, 2018. Additionally, it is informed that the average
electricity rate value amounts to $2.4627/kwh.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Furthermore, on July 31, 2018, the ENRE issued Resolution
No. 208/18, whereby it approves, as from August 1, 2018, the CPD relating to the
January-June 2018 period, to be applied 7.93% as of August 1, 2018, and 6.51% in
six (6) consecutive monthly installments as of February 1, 2019. The CPD
amounted to 15.85%. Moreover, the above-mentioned resolution sets the system of
caps for the social tariff as well as the values that the Company shall apply to
determine and credit discount amounts onto the power bills of the consumers
affected by deficiencies in the quality of the technical product and/or the
quality of the technical and commercial service as from the first control day of
the September 2018-February 2019 six-month period. Additionally, it is informed
that the average electricity rate value amounts to $2.9871/kWh.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Finally, according to section 4 of SE Resolution No.
366/18, passed on December 27, 2018, SE Resolution 1091/17 was repealed, thus
eliminating the energy-savings discount for the residential tariff charged to
customers framed or not under the social tariff as from January 1, 2019. With
regard to the social tariff discounts, they will be assumed by the Governments
of the Province of Buenos Aires and the City of Buenos Aires in accordance with
the provisions of the 2019 Federal Budget Law. </FONT></P>
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      <DIV>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL
      STATEMENTS</FONT></B></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></DIV></TD></TR></TABLE></DIV></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 67.65pt; TEXT-INDENT: -0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 67.65pt; TEXT-INDENT: -0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>d)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Framework
agreement </FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>On
January 10, 1994, the Company, together with Edesur S.A., the Federal Government
and the Government of the Province of Buenos Aires entered into the so-called
Framework Agreement, whose purpose was to establish the guidelines under which
the Company was to supply electricity to low-income areas and shantytowns. In
October 2003, the so-called New Framework Agreement was signed with the aim of
setting the bases and general guidelines based on which the Federal and the
Provincial Governments&#8217; economic contribution for the electricity supplied by
the two Distribution Companies to the different shantytowns would take place and
be coordinated. After successive extensions of the agreement&#8217;s term, the latest
extension was in effect until September 30, 2017.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>At
the date of these financial statements, the Company is negotiating with the
Federal Government the signing of a new extension for the period elapsed from
October 1, 2017 through December 31, 2018, and the payment of the electricity
supplied during such period; therefore, no revenue for this concept has been
recognized.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Additionally, and as a consequence of the transfer of
jurisdiction over the public service of electricity distribution from the
Federal Government to the Province of Buenos Aires and to the City of Buenos
Aires provided for by Law 27,467, the Company will be required, when the
transfer takes place, to undertake a review, with the new Grantors of the
Concession, of the treatment to be given to low-income areas and shantytowns&#8217;
consumption of electricity as from January 1, 2019. In this framework, the
Government of the Province of Buenos Aires enacted Law No. 15,078 on General
Budget, which establishes that the aforementioned consumption shall be borne by
the referred to province&#8217;s Municipalities and approved by the regulatory
entities or local authorities having jurisdiction in each area.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 67.65pt; TEXT-INDENT: -0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>e)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Penalties</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 49.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The ENRE is empowered to control the quality levels of the
technical product and service, the commercial service and the compliance with
public safety regulations, as provided for in the Concession Agreement. If the
Distribution Company fails to comply with the obligations assumed, the ENRE may
apply the penalties stipulated in the aforementioned Agreement.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>As
of December 31, 2018 and 2017, the Company has recognized in its financial
statements the penalties accrued, whether imposed or not yet issued by the ENRE,
relating to the control periods elapsed as of those dates.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Furthermore, ENRE Resolution No. 63/17, Note 2.c).III, has
set out the control procedures, the service quality assessment methodologies,
and the penalty system, applicable as from February 1, 2017, for the 2017 &#8211; 2021
period.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Additionally, by means of Note No. 125,248 dated March 29,
2017, the ENRE sets the new penalty determination and adjustment mechanisms in
relation to the control procedures, the service quality assessment
methodologies, and the penalty system applicable as from February 1, 2017 for
the 2017 &#8211; 2021 period set by ENRE Resolution No. 63/17, providing for the
following:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 55.7pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>i)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Penalty values shall be determined on the basis of the kWh
value, the average electricity rate, the cost of energy not supplied or other
economic parameter at the value in effect at the first day of the control period
or the value in effect at the date of the penalizable event for penalties
arising from specific events.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 55.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 55.7pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>ii)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>For all the events that occurred during the transition
period (the period between the signing of the Adjustment Agreement and the
effective date of the RTI) for which a penalty has not been imposed, penalties
shall be adjusted by the IPC used by the BCRA to produce the ITCRM for the month
prior to the end of the control period or that for the month prior to the date
of occurrence of the penalizable event for penalties arising from specific
events, until the date on which the penalty is imposed. This mechanism is also
applicable to the concepts penalized after April 15, 2016 (ENRE Note No.
120,151) and until the effective date of the RTI. This adjustment will be part
of the penalty principal amount.</FONT></P>
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<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face=Arial>11</FONT></P>
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      <DIV>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL
      STATEMENTS</FONT></B></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></DIV></TD></TR></TABLE></DIV></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 55.7pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 55.7pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>iii)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Unpaid
penalties will accrue interest at the BNA lending rate for thirty-day discount
transactions from the date of the resolution to the date of actual payment, as
interest on late payment. In the case of penalties relating to Customer service,
the calculated amount shall be increased by 50%.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 55.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 55.7pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>iv)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Penalties
subsequent to February 1, 2017 will be valued at the Kwh value or the cost of
energy not supplied of the first day of the control period or of the day on
which the penalty is imposed for penalties arising from specific events. Those
concepts will not be adjusted by the IPC, applying the interest on late payment
established in iii) above. Moreover, an additional fine equivalent to twice the
amount of the penalty will be determined if payment is not made in due time and
proper form.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>In
the ENRE&#8217;s opinion many of the penalties imposed in kWh must be valued at the
date of occurrence of the penalizable event; these modifications have been
quantified and recognized as of December 31, 2018.&nbsp;&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>In
accordance with the provisions of Sub-Appendix XVI to ENRE Resolution No. 63/17,
the Company is required to submit in a term of 60 calendar days the calculation
of global indicators, interruptions for which force majeure had been alleged,
the calculation of individual indicators, and will determine the related
discounts, crediting the amounts thereof within 10 business days. In turn, the
ENRE will examine the information submitted by the Company, and in the event
that the crediting of such discounts were not verified will impose a fine,
payable to the Federal Government, equivalent to twice the value that should
have been recorded. At the date of these financial statements, the Company has
complied with the provisions of the aforementioned Resolution in relation to the
six-month period ended August 31, 2018.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Furthermore, in different resolutions concerning penalties relating to the
Quality of the Commercial and Technical Service, the Regulatory Entity has
provided for the application of increases and adjustments, applying for such
purpose a criterion different from the one applied by the Company. In this
regard, the ENRE implemented an automatic penalty mechanism in order that the
discounts on account of deviations from the established limits may be credited
to customers within a term of 60 days as from the end of the six-month control
period.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>In
fiscal year 2018, the ENRE regulated and/or issued new penalty procedures, to
wit: </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=wingdings>&#252;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>ENRE Resolution No. 118/18: It regulated the Compensation
for extraordinary service provision interruptions.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=wingdings>&#252;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>ENRE Resolution No. 170/18: It regulated the Penalty
System for Deviations from the Investment Plan, a procedure whereby real
investments are assessed by comparison with the annual investment plan submitted
by the Company, and the investment plan carried out for the 5-year rate period
is assessed as against the Five-year period plan proposed in the RTI.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=wingdings>&#252;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>ENRE Resolution No. 198/18: New Supplementary Penalty
System of Technical Service Quality, which penalizes deviations &#186;from quality
parameters at feeder level.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=wingdings>&#252;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>ENRE Resolution N&#176; 91/18: Through the filing of charges,
the ENRE informs </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>edenor</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif> about the
penalty system to be applied for failure to comply with meter-reading and
billing time periods.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The effects of these resolutions were quantified by the
Company and recognized as of December 31, 2018.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face=Arial>12</FONT></P>
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      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL
      STATEMENTS</FONT></B></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></DIV></TD></TR></TABLE></DIV></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 67.65pt; TEXT-INDENT: -0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 67.65pt; TEXT-INDENT: -0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>f)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Restriction on the transfer of the Company&#8217;s common
shares</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The by-laws provide that Class &#8220;A&#8221; shareholders may transfer their shares only
with the prior approval of the ENRE. The ENRE must communicate its decision
within 90 days upon submission of the request for such approval, otherwise the
transfer will be deemed approved. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Furthermore, Caja de Valores S.A. (the Public Register Office), which keeps the
Share Register of the shares, is entitled (as stated in the by-laws) to reject
such entries which, at its criterion, do not comply with the rules for the
transfer of common shares included in (i) the Business Organizations Law, (ii)
the Concession Agreement and (iii) the By-laws.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In addition, the Class &#8220;A&#8221; shares will be pledged during the entire term of the
concession as collateral to secure the performance of the obligations assumed
under the Concession Agreement.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 7.1pt 0pt 35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Other restrictions:</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 7.1pt 0pt 0in; TEXT-INDENT: 35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 56.7pt; TEXT-INDENT: -21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>In connection with the issuance of Corporate Notes, during
the term thereof, PESA is required to be the beneficial owner and owner of
record of not less than 51% of the Company&#8217;s issued, voting and outstanding
shares.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 56.7pt; TEXT-INDENT: -21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 56.7pt; TEXT-INDENT: -21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>In connection with the Adjustment Agreement signed with
the Grantor of the Concession and ratified by Executive Order No. 1,957/06,
Section 10 stipulates that from the signing of the agreement through the end of
the Transition Period, the majority shareholders may not modify their ownership
interest nor sell their shares.</FONT></P>
<P style="MARGIN: 0in 0in 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 67.65pt; TEXT-INDENT: -0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>g)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Law on
electricity dependent patients</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>On
May 17, 2017, Law No. 27,351 was passed, which guarantees the permanent and free
of charge supply of electricity to those individuals who qualify as dependent on
power for reasons of health and require medical equipment necessary to avoid
risks in their lives or health. The law states that the account holder of the
service or someone who lives with him/her (a cohabitant) that is registered as
&#8220;Electricity dependent for reasons of health&#8221; will be exempt from the payment of
any and all connection fees and will benefit from a special free of charge
tariff treatment in the electric power supply service under national
jurisdiction, which consists in the recognition of the entire amount of the
power bill. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>According to Executive Order No. 740 of the PEN, dated
September 20, 2017, the MINEM will be the Authority of Application of Law No.
27,351, whereas the Ministry of Health will be responsible for determining the
conditions necessary to be met for registration with the &#8220;Registry of
Electricity Dependent for Reasons of Health&#8221; and will issue the clarifying and
supplementary regulations for the application thereof.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>On
September 25, 2017, the National Ministry of Health issued Resolution No.
1,538-E/17, which creates the Registry of Electricity Dependent for Reasons of
Health (RECS), within the orbit of the National Ministry of Health, operating
under the authority of the Undersecretariat for the Management of Health Care
Services.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>At
the date of issuance of these financial statements no further regulations have
been issued concerning the Resolution mentioned in the preceding
paragraph.</FONT></P>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=black size=2 face=arial,sans-serif></FONT>&nbsp;</P>
<DIV></DIV>
<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face=Arial>13</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_18></A>
<a name="_bclHeader18"></a><P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: -56.7pt" align=center></P>
<a name="_bclHeader18"></a><DIV align=left>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD>
      <DIV>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL
      STATEMENTS</FONT></B></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></DIV></TD></TR></TABLE></DIV>
<a name="_bclHeader18"></a><DIV></DIV>
<a name="_bclHeader18"></a><DIV><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</DIV>
<a name="_bclHeader18"></a><DIV>
<P style="MARGIN-LEFT: 67.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>h)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Change of
Jurisdiction</FONT></B></P></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>By Law No. 27467, 2019 Federal budget of expenditures and
resources, the Executive Power is instructed to promote such actions that may be
necessary in order for electricity distribution companies </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>edenor</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>
and Edesur S.A. to become subject to the jurisdiction of the Province of Buenos
Aires and the City of Buenos Aires as from January 1, 2019.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif><BR>Upon completion of the aforementioned process, the
ENRE will continue to exercise its functions and powers over all those issues
that are </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>unrelated</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=red face=arial,sans-serif>
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>to the public service of electricity
distribution.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>In this regard, on February 28, 2019, the Federal
Government, the Province of Buenos Aires and the City of Buenos Aires entered
into an agreement for the transfer of the public service of electricity
distribution, duly awarded to </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>edenor</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>
under a concession by the Federal Government, to the jurisdiction of the
Province of Buenos Aires and the City of Buenos Aires. It is worth pointing out
that the Company has not been a party to such agreement, and, at the date of
issuance of these financial statements is analyzing the scope and effects
therefrom. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif><BR><BR></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt; TEXT-INDENT: -49.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 3 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Basis of
preparation </FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The financial statements for the year ended December 31,
2018 have been prepared in accordance with IFRS issued by the IASB and IFRIC
interpretations, incorporated by the CNV. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>These financial statements were approved for issue by the
Company&#8217;s Board of Directors on March 8, 2019.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Comparative information </FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The balances as of December 31, 2017, disclosed in these
financial statements for comparative purposes, arise as a result of the
restatement of the financial statements to reflect the effects of inflation as
of December 31, 2018. This, as a consequence of the Restatement of the financial
information described hereunder. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Restatement of financial information </FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The financial statements as of December 31, 2018,
including the prior year&#8217;s figures, have been restated to reflect the changes in
the general purchasing power of the Company&#8217;s functional currency (the Argentine
peso), in conformity with the provisions of both IAS 29 &#8220;Financial reporting in
hyperinflationary economies&#8221; and General Resolution No. 77718 of the National
Securities Commission. As a result thereof, the financial statements are stated
in terms of the measuring unit current at the end of the reporting
period.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>According to IAS 29, the restatement of financial
statements is necessary when the functional currency of an entity is that of a
hyperinflationary economy. To define a state of hyperinflation, IAS 29 provides
a series of guidelines, including but not limited to the following, which
consist of (i) analyzing the behavior of population, prices, interest rates and
wages faced with the development of price indexes and the loss of the currency&#8217;s
purchasing power, and (ii) as a quantitative feature, which, in practice, is the
mostly considered condition, verifying whether the cumulative inflation rate
over three years approaches or exceeds 100%.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Although in recent years the general level of prices
experienced a significant growth, the cumulative inflation rate over three years
in Argentina had remained below 100%. However, due to different macroeconomic
factors, triennial inflation in 2018 surpassed that percentage, while the
federal government&#8217;s targets and other available projections indicate that this
trend will not reverse in the short term.</FONT></P>
<P style="MARGIN: 0in 0in 10pt"><FONT lang=ES style="FONT-SIZE: 8pt" color=black size=3 face="Times New Roman"></FONT>&nbsp;</P>
<a name="_bclFooter18"></a><DIV>&nbsp;</DIV>
<DIV></DIV>
<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face=Arial>14</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_19></A>
<a name="_bclHeader19"></a><DIV>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: -56.7pt" align=center></P>
<DIV align=left>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD>
      <DIV>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL
      STATEMENTS</FONT></B></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></DIV></TD></TR></TABLE></DIV>&nbsp;
</DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Therefore, according to IAS 29, the Argentine economy
should be regarded as highly inflationary as from July 1, 2018. The standard
states that the adjustment will be resumed from the date on which it was last
made, February 2003. Moreover, on July 24, 2018, the FACPCE issued a
communication confirming that which has been previously mentioned. Additionally,
it should be taken into account that on December 4, 2018 the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Official Gazette</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif> published
Law 27,468 pursuant to which the provisions of Executive Order No. 664/03 of the
PEN, which did not allow for the filing of inflation-adjusted financial
statements, are no longer in effect. This law states that the provisions of
section 62 of Business Organizations Law 19,550 -preparation of financial
statements to reflect the effects of inflation- will continue to apply, thus
reinstating the adjustment for inflation. On December 28, the CNV, reaffirming
the provisions of Law 27,468, published Resolution No. 777/18 stating that
issuing companies shall apply the restatement method of financial statements to
reflect the effects of inflation in conformity with IAS 29.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>In
order to not only assess the aforementioned quantitative condition but also
restate the financial statements, the CNV has stated that the series of indexes
to be used for the application of IAS 29 is that determined by the FACPCE. That
series of indexes combines the IPC published by the INDEC from January 2017
(base month: December 2016) with the IPIM published by the INDEC through that
date, computing for the months of November and December 2015 -in respect of
which there is no available information from the INDEC on the development of the
IPIM-, the variation recorded in the IPC of the City of Buenos Aires.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Taking into consideration the above-mentioned index, in
the fiscal years ended December 2018 and 2017, the inflation rate amounted to
47.66% and 24.79%, respectively.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The effects of the application of IAS 29 are summarized
below:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Restatement of the statement of financial
position</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 71.45pt; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>(i)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Monetary items (those with a fixed nominal value in local
currency) are not restated in as much as they are already expressed in terms of
the measuring unit current at the closing date of the reporting
period.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 71.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 71.45pt; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>(ii)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Non-monetary items carried at historical cost or at the
current value of a date prior to the end of the reporting period are restated
using coefficients that reflect the variation recorded in the general level of
prices from the date of acquisition or revaluation to the closing date of the
reporting period. Depreciation charges of property, plant and equipment and
amortization charges of intangible assets recognized in profit or loss for the
period, as well as any other consumption of non-monetary assets will be
determined on the basis of the new restated amounts.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 71.45pt; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>(iii)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The restatement of non-monetary assets in terms of the
measuring unit current at the end of the reporting period without an equivalent
adjustment for tax purposes, gives rise to a taxable temporary difference and to
the recognition of a deferred tax liability, deferred tax liability is
recognized for the temporary difference generated bythe restatement of the
accounting bases of asset without any restatement of their tax bases the debit
entry of this deffered tax liability is a monetary loss.</FONT></P>
<P style="MARGIN: 0in 0in 10pt 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Restatement of the statement of profit or loss and other
comprehensive income</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 70.9pt; TEXT-INDENT: -35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>(i)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Income and expenses are restated from the date when they
were recorded, except for those profit or loss items that reflect or include in
their determination the consumption of assets carried at the purchasing power of
the currency as of a date prior to the recording of the consumption, which are
restated based on the date when the asset to which the item is related
originated (for example, depreciation, impairment and other consumptions of
assets valued at historical cost).</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 70.9pt; TEXT-INDENT: -35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 70.9pt; TEXT-INDENT: -35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>(ii)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The net gain from the maintenance of monetary assets and
liabilities is presented in a line item separately from the profit or loss for
the year.</FONT></P>
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<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face=Arial>15</FONT></P>
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      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL
      STATEMENTS</FONT></B></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></DIV></TD></TR></TABLE></DIV></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Restatement of the statement of changes in
equity</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 70.9pt; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>(i)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>The components of equity, except for reserved earnings and
unappropriated retained earnings, have been restated from the dates on which
they were contributed, or on which they otherwise arose.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 70.9pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 70.9pt; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>(ii)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>The restated unappropriated retained earnings were
determined by the difference between net assets restated at the date of
transition and the other components of opening equity expressed as indicated in
the preceding headings.</FONT></P>
<P style="MARGIN: 0in 0in 0in 70.9pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 70.9pt; TEXT-INDENT: -35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>(iii)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>After the restatement at the date of transition indicated
in (i) above, all components of equity are restated by applying the general
price index from the beginning of the period, and each variation of those
components is restated from the date of contribution or the date on which it
otherwise arose.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Restatement of the statement of cash flows</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>IAS 29 requires that all the items of this statement be
restated in terms of the measuring unit current at the closing date of the
reporting period.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The monetary gain or loss generated by cash and cash
equivalents is presented in the statement of cash flows separately from cash
flows from operating, investing and financing activities, as a specific item of
the reconciliation between cash and cash equivalents at the beginning and end of
the period. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt; TEXT-INDENT: -49.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 4 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Accounting
policies</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 71.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The main accounting policies used in the preparation of
these financial statements are detailed below.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt; TEXT-INDENT: -49.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 4.1 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman">&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal" face=arial,sans-serif>New accounting standards, amendments and interpretations
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>issued by the IASB </FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The Company has applied the following standards and/or
amendments for the first time as from January 1, 2018:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>-
IFRS 15 "Revenue from contracts with customers" (issued in May 2014 and amended
in September 2015)</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>-
IFRS 9 &#8220;Financial instruments&#8221; (amended in July 2014) </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>-
IFRS 2 &#8220;Share-based payments&#8221; (amended in June 2016)</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>-
IFRIC 22 &#8220;Foreign currency transactions and Advanced consideration&#8221; (issued in
December 2016)</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>-
Annual improvements to IFRSs &#8211; 2014-2016 Cycle (issued in December 2016)
</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>In
the respective accounting policies detail the main issues related to the initial
application of IFRS 9 and IFRS 15. The application of the other standards,
amendments and interpretations generated no impact on either the Company&#8217;s
results of operations and financial position, or the accounting policies
applicable as from January 1, 2018.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>
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      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL
      STATEMENTS</FONT></B></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></DIV></TD></TR></TABLE></DIV>&nbsp;
</DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 20.25pt; TEXT-INDENT: -20.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=#0070c0 face=arial,sans-serif>Note 4.1.1 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" color=#0070c0 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>Impacts of adoption of rules not yet
effectives</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>-
IFRS 16 &#8220;Leases&#8221;: On January 13, 2016, the IASB published IFRS 16, which
replaces the current guidance in IAS 17. The standard defines a lease as a
contract, or part of a contract, that conveys the right to use an asset (the
underlying asset) for a period of time in exchange for consideration. The
standard requires the recognition of a lease liability that reflects future
lease payments and a &#8216;right-of-use asset&#8217; for almost all lease contracts. This
is a significant change compared to IAS 17 under which lessees were required to
make a distinction between a finance lease (reported on the balance sheet) and
an operating lease (off balance sheet). IFRS 16 contains an optional exemption
for certain short-term leases and leases of low-value assets; however, this
exemption can only be applied by lessees. IFRS 16 is effective for annual
reporting periods beginning on or after January 1, 2019. The impact of the
application of the aforementioned standard estimated by the Company is not
significant.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>-
IFRS 17 &#8220;Insurance Contracts&#8221;, issued in May 2017. It replaces IFRS 4 - an
interim standard issued in 2004 that allowed entities to account for insurance
contracts using their local accounting requirements, resulting in multiple
application approaches. IFRS 17 establishes the principles for the recognition,
measurement, presentation, and disclosure of insurance contracts, and applies to
annual periods beginning on or after January 1, 2021, with early adoption
permitted if entities also apply IFRS 9 and IFRS 15. The Company is currently
analyzing the impact of the application of IFRS 17; nevertheless, it estimates
that the application thereof will have no impact on the Company&#8217;s results of
operations or its financial position.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>-
IFRIC 23 &#8220;Uncertainty over income tax treatments&#8221;, issued in June 2017. It
clarifies the application of IAS 12 where there is uncertainty over income tax
treatments. In accordance with the interpretation, an entity is required to
reflect the impact of the uncertain tax treatment using the method that best
predicts the resolution of the uncertainty, using either the most likely amount
method or the expected value method. Additionally, the entity is required to
assume that the tax authority will examine the uncertain treatments and have
full knowledge of all the related relevant information when assessing the tax
treatment over income tax. The interpretation is effective for annual periods
beginning on or after January 1, 2019, although early adoption is permitted. The
Company estimates that the application of IFRIC 23 will have no impact on the
Company&#8217;s results of operations or its financial position.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt">&nbsp;</P>
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      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL
      STATEMENTS</FONT></B></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></DIV></TD></TR></TABLE></DIV>&nbsp;
</DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>-
IAS 28 &#8220;Investments in associates and joint ventures&#8221;, amended in October 2017.
It clarifies that IFRS 9 applies to other financial instruments in an associate
or joint venture to which the equity method is not applied. The standard is
effective for annual periods beginning on or after January 1, 2019, although
early adoption is permitted. The Company estimates that its application will
have no impact on the Company&#8217;s results of operations or its financial
position.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>-
IAS 19 &#8220;Employee benefits&#8221;, amended in February 2018. It introduces changes to
the measurement of past service cost and net interest in the case of
post-employment defined benefit plans that have suffered amendments,
curtailments or settlements. It applies to amendments, curtailments or
settlements as from January 1, 2019.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The Company is currently assessing the impact of these new
standards and amendments.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 20.25pt; TEXT-INDENT: -20.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 4.2 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Property, plant and equipment</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Additions have been valued at acquisition cost restated to
reflect the effects of inflation, net of the related accumulated depreciation.
Depreciation has been calculated by applying the straight-line method over the
remaining useful life of the assets, which was determined on the basis of
engineering studies. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Subsequent costs (major maintenance and reconstruction
costs) are either included in the value of the assets or recognized as a
separate asset, only if it is probable that the future benefits associated with
the assets will flow to the Company, being it possible as well that the costs of
the assets may be measured reliably and the investment will improve the
condition of the asset beyond its original state. The other maintenance and
repair expenses are recognized in profit or loss in the year in which they are
incurred.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>In
accordance with the Concession Agreement, the Company may not pledge the assets
used in the provision of the public service nor grant any other security
interest thereon in favor of third parties, without prejudice to the Company&#8217;s
right to freely dispose of those assets which in the future may become
inadequate or unnecessary for such purpose. This prohibition does not apply in
the case of security interests granted over an asset at the time of its
acquisition and/or construction as collateral for payment of the purchase and/or
installation price.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The residual value and the remaining useful lives of the
assets are reviewed and adjusted, if appropriate, at the end of each fiscal year
(reporting period). </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Land is not depreciated.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Facilities in service: between 30 and 50 years</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Furniture, tools and equipment: between 5 and 20
years</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Construction in process is valued based on the degree of
completion and is recorded at cost restated to reflect the effects of inflation
less any impairment loss, if applicable. Cost includes expenses attributable to
the construction, when they are part of the cost incurred for the purposes of
acquisition, construction or production of property, plant and equipment that
require considerable time until they are in condition to be used. These assets
begin to be depreciated when they are in economic condition to be
used.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Gains and losses on the sale of Property, plant and
equipment are calculated by comparing the price collected with the carrying
amount of the asset, and are recognized within Other operating expense or Other
operating income in the Statement of Comprehensive Income. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The valuation of property, plant and equipment, taken as a
whole, does not exceed its recoverable value, which is measured as the higher of
value in use and fair value less costs to sell at the end of the year.
</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>At
the date of issuance of these financial statements there are no indicators of a
potential impairment (Note 6.c). </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;</FONT></B></P>
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<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face=Arial>18</FONT></P>
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  <TR>
    <TD>
      <DIV>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL
      STATEMENTS</FONT></B></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></DIV></TD></TR></TABLE></DIV>&nbsp;
</DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 20.25pt; TEXT-INDENT: -20.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 4.3 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Interests in joint ventures</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 28.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The main conceptual definitions are as follow:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt; TEXT-INDENT: -49.65pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>i.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>A joint arrangement takes place among two or more parties
when they have joint control: joint control is the contractually agreed sharing
of control of an arrangement, which exists only when decisions about the
relevant activities require the unanimous consent of the parties sharing
control.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt; TEXT-INDENT: -7.1pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt; TEXT-INDENT: -49.65pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>ii.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>A joint venture is a joint arrangement whereby the parties
that have joint control of the arrangement have rights to the net assets of the
arrangement. Such parties are called joint venturers.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt; TEXT-INDENT: -49.65pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>iii.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>A joint operation is a joint arrangement whereby the
parties that have joint control of the arrangement have rights to the assets,
and obligations for the liabilities, relating to the arrangement. These parties
are called joint operators.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The Company accounts for its investment in joint ventures
in accordance with the equity method. Under this method, the interest is
initially recognized at cost and subsequently adjusted by recognizing the
Company&#8217;s share in the profit or loss obtained by the joint venture, after
acquisition date. The Company recognizes in profit or loss its share of the
joint venture&#8217;s profit or loss and in other comprehensive income its share of
the joint venture&#8217;s other comprehensive income.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>When the Company carries out transactions in the joint
ventures, the unrealized gains and losses are eliminated in accordance with the
percentage interest held by the Company in the jointly controlled
entity.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The joint ventures&#8217; accounting policies have been modified
and adapted, if applicable, to ensure consistency with the policies adopted by
the Company.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Furthermore, taking into account that the interests in
joint ventures are not regarded as significant balances, the disclosures
required under IFRS 12 have not been made.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 20.25pt; TEXT-INDENT: -20.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 4.4 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Revenue recognition</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 56.7pt; TEXT-INDENT: -21.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>a.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Revenue from sales</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: 7.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Revenue is measured at the fair value of the consideration
collected or to be collected, taking into account the estimated amount of any
discount, thus determining the net amounts.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Revenue from the electricity supplied by the Company to
low-income areas and shantytowns is recognized to the extent that a renewal of
the Framework Agreement is formalized for the period in which the service was
rendered. At the date of issuance of these financial statements, the Company&#8217;s
Board of Directors is negotiating with the Federal and Provincial Governments
the signing of the respective agreements (Note 2.d).</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Revenue from operations is recognized on an accrual basis
and derives mainly from electricity distribution. Such revenue includes both the
electricity supplied, whether billed or unbilled at the end of each year, which
has been valued on the basis of applicable tariffs.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The Company also recognizes revenue from other concepts
included in distribution services, such as new connections, reconnections,
rights of use on poles, transportation of electricity to other distribution
companies, etc.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>
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<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face=Arial>19</FONT></P>
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      <DIV>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL
      STATEMENTS</FONT></B></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></DIV></TD></TR></TABLE></DIV>&nbsp;
</DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The aforementioned revenue from operations was recognized
when all of the following conditions were met:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 28.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 78pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>1.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>the entity
transferred to the buyer the significant risks and rewards;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 78pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 78pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>2.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>the amount of
revenue was measured reliably;</FONT></P>
<P style="MARGIN: 0in 0pt 0pt 78pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 78pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>3.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>it is
probable that the economic benefits associated with the transaction will flow to
the entity;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 78pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 78pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>4.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>the costs
incurred or to be incurred, in respect of the transaction, were measured
reliably.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 56.7pt; TEXT-INDENT: -21.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>b.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Interest income</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Interest income is recognized by applying the effective
interest rate method. Interest income is recorded in the accounting on a time
basis by reference to the principal amount outstanding and the applicable
effective rate.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Interest income is recognized when it is probable that the
economic benefits associated with the transaction will flow to the Company and
the amount of the transaction can be measured reliably.</FONT></P>
<P style="MARGIN: 0in 0in 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 20.25pt; TEXT-INDENT: -20.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 4.5 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Effects of the changes in foreign currency exchange
rates</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 56.7pt; TEXT-INDENT: -21.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>a.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Functional and presentation currency</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The information included in the financial statements is
measured using the Company&#8217;s functional currency, which is the currency of the
main economic environment in which the entity operates. The financial statements
are measured in pesos (legal currency in Argentina), restated to reflect the
effects of inflation (Note 3), which is also the presentation
currency.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 56.7pt; TEXT-INDENT: -21.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>b.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Transactions and balances</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Foreign currency denominated transactions and balances are
translated into the functional and presentation currency using the rates of
exchange prevailing at the date of the transactions or revaluation,
respectively. The gains and losses generated by foreign currency exchange
differences resulting from each transaction and from the translation of monetary
items valued in foreign currency at the end of the year are recognized in the
Statement of Income.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The foreign currency exchange rates used are the bid price
for monetary assets, the offer price for monetary liabilities, and the specific
exchange rate for foreign currency denominated transactions.</FONT></P>
<P style="MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 20.25pt; TEXT-INDENT: -20.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 4.6 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Trade and other receivables</FONT></B></P>
<P style="MARGIN: 5pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0.8in; TEXT-INDENT: -22.15pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>a.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Trade
receivables</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 5pt 0pt 5pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The receivables arising from services billed to customers
but not collected as well as those arising from services rendered but unbilled
at the closing date of each year are recognized at fair value and subsequently
measured at amortized cost using the effective interest rate method.&nbsp;
</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The receivables from electricity supplied to low-income
areas and shantytowns are recognized, also in line with revenue, when the
Framework Agreement has been renewed for the period in which the service was
provided.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT face=georgia><FONT lang=ES-AR style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>
<DIV></DIV>
<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face=Arial>20</FONT></P>
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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL STATEMENTS</FONT></B></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></DIV></TD></TR></TABLE></DIV>&nbsp; </DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0.8in; TEXT-INDENT: -22.15pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>b.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Other receivables</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The financial assets included in other receivables are initially recognized at fair value (generally the original billing/settlement amount) and subsequently measured at amortized cost, using the effective interest rate method, and when significant, adjusted by the time value of money. The Company records impairment allowances when there is objective evidence that the Company will not be able to collect all the amounts owed to it in accordance with the original terms of the receivables.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The rest of other receivables are initially recognized at the amount paid. </FONT></P>

<P style="MARGIN: 0in 0in 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 20.25pt; TEXT-INDENT: -20.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 4.7 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Inventories</FONT></B></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Inventories are valued at the lower of acquisition cost restated to reflect the effects of inflation and net realizable value.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>They are valued based on the purchase price, import duties (if applicable), and other taxes (that are not subsequently recovered by tax authorities), and other costs directly attributable to the acquisition of those assets.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Cost is determined by applying the weighted average price (WAP) method.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The Company has classified inventories into current and non-current depending on whether they will be used for maintenance or capital expenditures and on the period in which they are expected to be used. The non-current portion of inventories is disclosed in the &#8220;Property, plant and equipment&#8221; account.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The valuation of inventories, taken as a whole, does not exceed their recoverable value at the end of each year.</FONT></P>

<P style="MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 20.25pt; TEXT-INDENT: -20.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 4.8 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Financial assets</FONT></B> </P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0.25in; DISPLAY: none; TEXT-INDENT: -0.25in">&nbsp;</P><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 4.8.1 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal" face=arial,sans-serif>Classification</FONT></B>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The Company classifies financial assets into the following categories: those measured at amortized cost and those subsequently measured at fair value. This classification depends on whether the financial asset is an investment in a debt or an equity instrument. In order for a financial asset to be measured at amortized cost, the two conditions described below must be met. All other financial assets are measured at fair value. IFRS 9 requires that all investments in equity instruments be measured at fair value.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face=Arial>21</FONT></P>

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      <DIV>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL
      STATEMENTS</FONT></B></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></DIV></TD></TR></TABLE></DIV>&nbsp;
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 56.7pt; TEXT-INDENT: -21.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>a.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Financial assets at amortized cost</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Financial assets are measured at amortized cost if the
following conditions are met: </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 78pt; TEXT-INDENT: -78pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>i.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>the objective of the Company&#8217;s business model is to hold
the assets to collect the contractual cash flows; and </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 78pt; TEXT-INDENT: -78pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>ii.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>the contractual terms give rise, on specified dates, to
cash flows that are solely payments of principal and interest on principal.
</FONT></P>
<P style="MARGIN: 0in 0in 0pt 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 56.7pt; TEXT-INDENT: -21.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>b.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Financial assets at fair value</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>If
any of the above-detailed conditions is not met, financial assets are measured
at fair value through profit or loss.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>All investments in equity instruments are measured at fair
value. For those investments that are not held for trading, the Company may
irrevocably elect at the time of their initial recognition to present the
changes in the fair value in other comprehensive income. The Company&#8217;s decision
was to recognize the changes in fair value in profit or loss.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0.5in; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 4.8.2 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Recognition and measurement</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The regular way purchase or sale of financial assets is
recognized on the trade date, i.e. the date on which the Company agrees to
acquire or sell the asset. Financial assets are derecognized when the rights to
receive the cash flows from the investments have expired or been transferred and
the Company has transferred substantially all the risks and rewards of the
ownership of the assets.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Financial assets are initially recognized at fair value
plus, in the case of financial assets not measured at fair value through profit
or loss, transaction costs that are directly attributable to the acquisition
thereof. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The gains or losses generated by investments in debt
instruments that are subsequently measured at fair value and are not part of a
hedging transaction are recognized in profit or loss. Those generated by
investments in debt instruments that are subsequently measured at amortized cost
and are not part of a hedging transaction are recognized in profit or loss when
the financial asset is derecognized or impaired and by means of the amortization
process using the effective interest rate method.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The Company subsequently measures all the investments in
equity instruments at fair value. When it elects to present the changes in fair
value in other comprehensive income, such changes cannot be reclassified to
profit or loss. Dividends arising from these investments are recognized in
profit or loss to the extent that they represent a return on the investment.
</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The Company reclassifies financial assets if and only if
its business model to manage financial assets is changed. </FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The expected losses, according to the calculated
coefficients, are detailed in Note 6.a.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclFooter26"></a><DIV>&nbsp;</DIV>
<DIV></DIV>
<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face=Arial>22</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_27></A>
<a name="_bclHeader27"></a><DIV>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: -56.7pt" align=center></P>
<DIV align=left>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD>
      <DIV>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL
      STATEMENTS</FONT></B></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></DIV></TD></TR></TABLE></DIV>&nbsp;
</DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0.5in; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 4.8.3 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal" face=arial,sans-serif>Impairment of financial assets</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 5pt 0pt 5pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>At
the end of each annual reporting period, the Company assesses whether there is
objective evidence that the value of a financial asset or group of financial
assets measured at amortized cost is impaired. The value of a financial asset or
group of financial assets is impaired, and impairment losses are incurred only
if there is objective evidence of impairment as a result of one or more events
that occurred after the initial recognition of the asset (a &#8220;loss event&#8221;), and
that loss event (or events) has an impact on the estimated future cash flows of
the financial asset or group of financial assets that can be reliably
measured.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Impairment tests may include evidence that the debtors or
group of debtors are undergoing significant financial difficulties, have
defaulted on interest or principal payments or made them after they had come
due, the probability that they will enter bankruptcy or other financial
reorganization, and when observable data indicate that there is a measurable
decrease in the estimated future cash flows, such as changes in payment terms or
in the economic conditions that correlate with defaults.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>In
the case of financial assets measured at amortized cost, the amount of the
impairment loss is measured as the difference between the asset&#8217;s carrying
amount and the present value of estimated future cash flows (excluding future
credit losses that have not been incurred) discounted at the financial asset&#8217;s
original effective interest rate. The asset&#8217;s carrying amount is reduced and the
amount of the impairment loss is recognized in the Statement of Income.
</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Although cash, cash equivalents and financial assets
measured at amortized cost are also subject to the impairment requirements of
IFRS 9, the identified impairment loss is not material.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0.5in; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 4.8.4 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal" face=arial,sans-serif>Offsetting of financial instruments</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 5pt 0pt 5pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Financial assets and liabilities are offset, and the net
amount reported in the Statement of Financial Position, when there is a legally
enforceable right to offset the recognized amounts, and there is an intention to
settle on a net basis, or realize the asset and settle the liability
simultaneously.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 20.25pt; TEXT-INDENT: -20.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 4.9 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Derivative financial instruments</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Derivative financial instruments are initially recognized
at fair value on the date on which the respective contract is signed.
Subsequently to the initial recognition, they are remeasured at their fair
value. The method for recognizing the resulting loss or gain depends on whether
the derivative has been designated as a hedging instrument and, if that is the
case, on the nature of the item being hedged. As of December 31, 2018 and 2017,
the economic impact of these transactions is recorded in the Other financial
expense account of the Statement of Comprehensive Income. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>During fiscal year 2018, the Company has not entered into
futures contracts to buy US dollars.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>As
of December 31, 2017, the economic impact of the transactions carried out in
that fiscal year resulted in a loss of $ 21.1 million, which is recorded in the
Other financial expense account of the Statement of Comprehensive
Income.</FONT></P>
<a name="_bclFooter27"></a><DIV>&nbsp;<FONT face=georgia><FONT lang=ES-AR face=georgia>&nbsp;</FONT></FONT>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=ES-AR style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></DIV>
<DIV></DIV>
<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face=Arial>23</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_28></A>
<a name="_bclHeader28"></a><DIV>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: -56.7pt" align=center></P>
<DIV align=left>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD>
      <DIV>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL
      STATEMENTS</FONT></B></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></DIV></TD></TR></TABLE></DIV>&nbsp;
</DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 20.25pt; TEXT-INDENT: -20.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 4.10 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Cash and cash
equivalents</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Cash and cash equivalents include cash on hand, deposits
held at call with banks and other short-term highly liquid investments with
original maturities of three months or less from their acquisition date, with
significant low risk of change in value.</FONT></P>
<P style="MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 64.35pt; TEXT-INDENT: -64.35pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>i.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Cash and banks in local currency: at nominal
value.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 64.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 64.35pt; TEXT-INDENT: -64.35pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>ii.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Cash and banks in foreign currency: at the exchange rates
in effect at the end of the</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>year.</FONT></P>
<P style="MARGIN: 0in 0in 0pt 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 64.35pt; TEXT-INDENT: -64.35pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>iii.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Money market funds, which have been valued at the
prevailing market price at the end of the</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>year. Those
that do not qualify as cash equivalents are disclosed in the Financial assets at
fair value through profit or loss account.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 20.25pt; TEXT-INDENT: -20.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 4.11 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Equity</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Changes in this account have been accounted for in
accordance with the corresponding legal or statutory regulations and the
decisions adopted by the shareholders&#8217; meetings.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 56.7pt; TEXT-INDENT: -21.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>a.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Share capital</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: 35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Share capital represents issued capital, which is
comprised of the contributions committed and/or made by the shareholders,
represented by shares, including outstanding shares at nominal value, restated
to reflect the effects of inflation as indicated in Note 3.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 56.7pt; TEXT-INDENT: -21.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>b.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Treasury stock</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The Treasury stock account represents the nominal value of
the Company&#8217;s own shares acquired by the Company, restated to reflect the
effects of inflation as indicated in Note 3.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 56.7pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 56.7pt; TEXT-INDENT: -21.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>c.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Other comprehensive income </FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Represents recognition, at the end of the</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>year, of the
actuarial losses associated with the Company&#8217;s employee benefit plans, restated
to reflect the effects of inflation as indicated in Note 3.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 56.7pt; TEXT-INDENT: -21.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>d.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Retained earnings</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Retained earnings are comprised of profits or accumulated
losses with no specific appropriation. When positive, they may be distributed,
if so decided by the Shareholders&#8217; Meeting, to the extent that they are not
subject to legal restrictions. Retained earnings are comprised of previous year
results that have not been distributed, amounts transferred from other
comprehensive income and prior year adjustments due to the application of
accounting standards, restated to reflect the effects of inflation as indicated
in Note 3.</FONT></P>
<P style="MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 20.25pt; TEXT-INDENT: -20.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 4.12 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Trade and
other payables</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 20.25pt; TEXT-INDENT: -20.25pt"><STRONG><FONT size=2 face=Arial></FONT></STRONG>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 56.7pt; TEXT-INDENT: -21.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>a.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Trade payables</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman"> </FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 56.7pt; TEXT-INDENT: -21.25pt"><STRONG></STRONG><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Trade payables are payment obligations with suppliers for
the purchase of goods and services in the ordinary course of business. Trade
payables are classified as current liabilities if payments fall due within one
year or in a shorter period of time. Otherwise, they are classified as
non-current liabilities. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Trade payables are initially recognized at fair value and
subsequently measured at amortized cost using the effective interest rate
method. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 56.7pt; TEXT-INDENT: -21.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>b.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Customer deposits</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman"> </FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclFooter28"></a><DIV>&nbsp;</DIV>
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<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face=Arial>24</FONT></P>
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      <DIV>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL
      STATEMENTS</FONT></B></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></DIV></TD></TR></TABLE></DIV>&nbsp;
</DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>Customer deposits are initially recognized at the amount
received and subsequently measured at amortized cost using the effective
interest rate method.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>In
accordance with the Concession Agreement, the Company is allowed to receive
customer deposits in the following cases:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 78pt; TEXT-INDENT: -78pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>i.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>When the power supply is requested and the customer is
unable to provide evidence of his legal ownership of the premises;&nbsp;
</FONT></P>
<P style="MARGIN: 0in 0pt 0pt 78pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 78pt; TEXT-INDENT: -78pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>ii.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>When service has been suspended more than once in one-year
period;</FONT></P>
<P style="MARGIN: 0in 0pt 0pt 78pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 78pt; TEXT-INDENT: -78pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>iii.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>When the power supply is reconnected and the Company is
able to verify the illegal use of the service (fraud).</FONT></P>
<P style="MARGIN: 0in 0pt 0pt 78pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 78pt; TEXT-INDENT: -78pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>iv.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>When the customer is undergoing liquidated bankruptcy or
reorganization proceedings.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>The
Company has decided not to request customer deposits from residential tariff
customers.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>Customer deposits may be either paid in cash or through
the customer&#8217;s bill and accrue monthly interest at a specific rate of BNA for
each customer category. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>When
the conditions for which the Company is allowed to receive customer deposits no
longer exist, the customer&#8217;s account is credited for the principal amount plus
any interest accrued thereon, after deducting, if appropriate, any amounts
receivable which the Company has with the customer.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0.8in; TEXT-INDENT: -0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>c.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Customer
contributions</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 5pt 0pt 5pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Refundable</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>: The Company
receives assets or facilities (or the cash necessary to acquire or build them)
from certain customers for services to be provided, based on individual
agreements and the provisions of ENRE Resolution No. 215/12. These contributions
are initially recognized as trade payables at fair value with a contra-account
in Property, plant and equipment, and subsequently measured at amortized cost
using the effective interest rate method.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0.8in"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0.8in; TEXT-INDENT: -0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>d.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Other payables</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The rest of the financial liabilities recorded in Other
Payables, including the loans for consumption (mutuums) with CAMMESA, the
Payment agreement with the ENRE and the advances for the execution of works, are
initially recognized at fair value and subsequently measured at amortized
cost.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The recorded liabilities for the debts with the FOTAE, the
penalties accrued, whether imposed or not yet issued by the ENRE (Note 2.e)),
and other provisions are the best estimate of the settlement value of the
present obligation in the framework of IAS 37 provisions at the date of these
financial statements. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The balances of ENRE Penalties and Discounts are adjusted
in accordance with the regulatory framework applicable thereto and are based on
the Company&#8217;s estimate of the outcome of the renegotiation process described in
Note 2, whereas the balances of the loans for consumption (mutuums) are adjusted
by a rate equivalent to the monthly average yield obtained by CAMMESA from its
short-term investments.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face=Arial>25</FONT></P>
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      <DIV>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL
      STATEMENTS</FONT></B></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></DIV></TD></TR></TABLE></DIV>&nbsp;
</DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 20.25pt; TEXT-INDENT: -20.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 4.13 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Borrowings
</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Borrowings are initially recognized at fair value, net of
direct costs incurred in the transaction. Subsequently, they are measured at
amortized cost; any difference between the funds obtained (net of </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>direct costs incurred in the transaction) and the amount
to be paid at maturity is recognized in profit or loss during the term of the
borrowings using the effective interest rate method.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face=Arial>26</FONT></P>
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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL STATEMENTS</FONT></B></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></DIV></TD></TR></TABLE></DIV>&nbsp; </DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 20.25pt; TEXT-INDENT: -20.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 4.14 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Deferred revenue</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Non-refundable customer contributions</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>: The Company receives assets or facilities (or the cash necessary to acquire or build them) from certain customers for services to be provided, based on individual agreements. In accordance with IFRIC 18, the assets received are recognized by the Company as Property, plant and equipment with a contra-account in deferred revenue, the accrual of which depends on the nature of the identifiable services, in accordance with the following: </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 49.65pt; TEXT-INDENT: -21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>customer connection to the network: revenue is accrued until such connection is completed;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 49.65pt; TEXT-INDENT: -21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>continuous provision of the electric power supply service: throughout the shorter of the useful life of the asset and the term for the provision of the service.</FONT></P>

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 20.25pt; TEXT-INDENT: -20.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 4.15 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Employee benefits</FONT></B></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 71.45pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Benefit plans</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The Company operates various benefit plans. Usually, benefit plans establish the amount of the benefit the employee will receive at the time of retirement, generally based on one or more factors such as age, years of service and salary.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The liability recognized in the Statement of Financial Position in respect of benefit plans is the present value of the benefit plan obligation at the closing date of the year, together with the adjustments for past service costs and actuarial gains or losses. The benefit plan obligation is calculated annually by independent actuaries in accordance with the projected unit credit method. The present value of the benefit plan obligation is determined by discounting the estimated future cash outflows using actuarial assumptions about demographic and financial variables that affect the determination of the amount of such benefits. The benefit plans are not funded.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The group&#8217;s accounting policy for benefit plans is as follow:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 70.9pt; TEXT-INDENT: -0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; FONT-FAMILY: arial">a.</FONT></B><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: arial"><B>&nbsp;&nbsp;&nbsp;&nbsp; </B>Past service costs are recognized immediately in profit or loss, unless the changes to the benefit plan are conditional on the employees&#8217; remaining in service for a specified period of time (the vesting period). In this case, past service costs are amortized on a straight-line basis over the vesting period.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 70.9pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 70.9pt; TEXT-INDENT: -0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; FONT-FAMILY: arial">b.</FONT></B><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: arial"><B>&nbsp;&nbsp;&nbsp; </B>Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are recognized in other comprehensive income in the period in which they arise.</FONT></P>

<P style="MARGIN: 0in 0in 10pt 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 71.45pt; TEXT-INDENT: -0.25in"><STRONG><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US face=arial,sans-serif>The Company&#8217;s Share-based Compensation Plan</FONT></STRONG></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The Company has share-based compensation plans under which it receives services from some employees in exchange for the Company&#8217;s shares. The fair value of the employee services received is recognized as an operating expense in the &#8220;Salaries and social security taxes&#8221; line item. The total amount of the referred to expense is determined by reference to the fair value of the shares granted.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>When the employees provide the services before the shares are granted, the fair value at the grant date is estimated in order to recognize the respective result. </FONT></P>

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      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL
      STATEMENTS</FONT></B></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></DIV></TD></TR></TABLE></DIV>&nbsp;
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 20.25pt; TEXT-INDENT: -20.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 4.16 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Income tax
</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The income tax is recognized in profit or loss, other
comprehensive income or in equity depending on the items from which it
originates.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The deferred tax is recognized, in accordance with the
liability method, on the temporary differences arising between the tax base of
assets and liabilities and their carrying amounts in the statement of financial
position. However, no deferred tax liability is recognized if such difference
arises from the initial recognition of goodwill, or from the initial recognition
of an asset or liability other than in a business combination, which at the time
of the transaction affected neither the accounting nor the taxable profit.
</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The deferred tax is determined using the tax rate that is
in effect at the date of the financial statements and is expected to apply when
the deferred tax assets are realized or the deferred tax liabilities are
settled.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Deferred tax assets and liabilities are offset if the
Company has a legally enforceable right to offset recognized amounts and when
deferred tax assets and liabilities relate to income tax levied by the same tax
authority on the same taxable entity. Deferred tax assets and liabilities are
stated at their undiscounted value. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Deferred tax assets are recognized only to the extent that
it is probable that future taxable profits will be available against which the
temporary differences can be utilized.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 20.25pt; TEXT-INDENT: -20.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 4.17 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Leases</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The leases in which a significant portion of the risks and
rewards of ownership is retained by the assignor are classified as operating. At
present, the Company only has leases contracts that are classified as
operating.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 63.8pt; TEXT-INDENT: -28.35pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>a.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Lessee</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The payments with respect to operating leases are
recognized as operating expenses in the Statement of Comprehensive Income on a
straight-line basis throughout the term of the assignment.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 63.8pt; TEXT-INDENT: -28.35pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>b.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Lessor</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: 35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The leases in which the Company does not transfer
substantially all the risks and rewards of the ownership of the asset are
classified as operating leases. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The collections with respect to operating leases are
recognized as income in the Statement of Comprehensive Income on a straight-line
basis throughout the term of the assignment.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 20.25pt; TEXT-INDENT: -20.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 4.18 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Provisions
and contingencies</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Provisions have been recognized in those cases in which
the Company is faced with a present obligation, whether legal or constructive,
that has arisen as a result of a past event, whose settlement is expected to
result in an outflow of resources, and the amount thereof can be estimated
reliably.&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The amount recognized as provisions is the best estimate
of the expenditure required to settle the present obligation, at the end of the
reporting year, taking into account the corresponding risks and uncertainties.
When a provision is measured using the estimated cash flow to settle the present
obligation, the carrying amount represents the present value of such cash flow.
This present value is obtained by applying a pre-tax discount rate that reflects
market conditions, the time value of money and the specific risks of the
obligation.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT face=Arial></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face=Arial>28</FONT></P>
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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL STATEMENTS</FONT></B></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></DIV></TD></TR></TABLE></DIV>&nbsp; </DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The provisions included in liabilities have been recorded to face contingent situations that could result in future payment obligations. To estimate the amount of provisions and the likelihood of an outflow of resources, the opinion of the Company&#8217;s legal advisors has been taken into account.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 20.25pt; TEXT-INDENT: -20.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 4.19 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Balances with related parties</FONT></B></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Receivables and payables with related parties are initially recognized at fair value and subsequently measured at amortized cost in accordance with the terms agreed upon by the parties involved.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt; TEXT-INDENT: -49.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=#0070c0 face=arial,sans-serif>Note 5 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" color=#0070c0 face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>Financial risk management</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 50.2pt; DISPLAY: none; TEXT-INDENT: -0.25in"><FONT style="DISPLAY: none" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 20.25pt; TEXT-INDENT: -20.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 5.1 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Financial risk factors</FONT></B></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The Company&#8217;s activities and the market in which it operates expose the Company to a series of financial risks: market risk (including currency risk, cash flows interest rate risk, fair value interest rate risk and price risk), credit risk and liquidity risk.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The management of the financial risk is part of the Company&#8217;s overall policies, which focus on the unpredictability of the financial markets and seek to minimize potential adverse effects on its financial performance. Financial risks are the risks derived from the financial instruments to which the Company is exposed during or at the end of each year. The Company uses derivative instruments to hedge exposure to certain risks whenever it deems appropriate in accordance with its internal risk management policy.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Risk management is controlled by the Finance and Control Department, which identifies, evaluates and hedges financial risks. Risk management policies and systems are periodically reviewed so that they can reflect the changes in the market&#8217;s conditions and the Company&#8217;s activities.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>This section includes a description of the main risks and uncertainties that could have a material adverse effect on the Company&#8217;s strategy, performance, results of operations and financial position. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0pt 0pt 70.9pt; TEXT-INDENT: -28.35pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>a.</FONT></I></B><B><I><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></B><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Market risks</FONT></I></B></P>

<P style="MARGIN: 0in 0pt 0pt 70.9pt; TEXT-INDENT: -28.35pt">&nbsp;</P>

<P style="MARGIN: 0in 0pt 0pt 70.9pt; TEXT-INDENT: -28.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>i.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Currency risk </FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Currency risk is the risk of fluctuation in the fair value or future cash flows of a financial instrument due to changes in foreign currency exchange rates. The Company&#8217;s exposure to currency risk relates to the collection of its revenue in pesos, in conformity with regulated electricity rates that are not indexed in relation to the US dollar, whereas a significant portion of its existing financial liabilities is denominated in US dollars. Therefore, the Company is exposed to the risk of a loss resulting from a devaluation of the peso. The Company may hedge its currency risk trying to enter into currency futures. At the date of issuance of these financial statements, the Company has not hedged its exposure to the US dollar. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>If the Company continued to be unable to effectively hedge all or a significant part of its exposure to currency risk, any devaluation of the peso could significantly increase its debt service burden, which, in turn, could have a substantial adverse effect on its financial and cash position (including its ability to repay its Corporate Notes) and the results of its operations. The exchange rates used as of December 31, 2018 and 2017 are $ 37.70 and $ 18.65 per USD, respectively.</FONT></P>

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      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL
      STATEMENTS</FONT></B></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></DIV></TD></TR></TABLE></DIV>&nbsp;
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>As
of&nbsp;December 31, 2018 and 2017, the Company&#8217;s balances in
foreign&nbsp;currency are as follow:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center>&nbsp;</P>
<TABLE style="WIDTH: 100%" cellSpacing=0 border=0>

  <TR>
    <TD width="42%"></TD>
    <TD width="10%"></TD>
    <TD width="2%"></TD>
    <TD width="10%"></TD>
    <TD width="2%"></TD>
    <TD width="10%"></TD>
    <TD width="2%"></TD>
    <TD width="10%"></TD>
    <TD width="2%"></TD>
    <TD width="10%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="42%" align=left>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="2%" align=left></TD>
    <TD width="10%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Amount in</FONT></B>&nbsp;</TD>
    <TD width="2%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="2%" align=left></TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="2%" align=left></TD>
    <TD width="10%" align=left>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="42%" align=left>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="2%" align=left></TD>
    <TD width="10%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>foreign</FONT></B>&nbsp;</TD>
    <TD width="2%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD width="10%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Exchange</FONT></B>&nbsp;</TD>
    <TD width="2%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="TEXT-INDENT: 5.4pt" width="10%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp;</TD>
    <TD width="2%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="TEXT-INDENT: 5.4pt" width="10%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="42%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Currency</FONT></B>&nbsp;</TD>
    <TD width="2%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>currency</FONT></B>&nbsp;</TD>
    <TD width="2%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>rate (1)</FONT></B>&nbsp;</TD>
    <TD width="2%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12.31.18</FONT></B>&nbsp;</TD>
    <TD width="2%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12.31.17</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="42%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>ASSETS</FONT></B>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="2%" align=left></TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="2%" align=left></TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="2%" align=left></TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="2%" align=left></TD>
    <TD width="10%" align=left>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="42%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>NON-CURRENT
    ASSETS</FONT></B>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="2%" align=left></TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="2%" align=left></TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="2%" align=left></TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="2%" align=left></TD>
    <TD width="10%" align=left>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="42%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Other receivables</FONT>&nbsp;</TD>
    <TD style="TEXT-INDENT: 9.599pt" width="10%" align=center><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>USD</FONT></TD>
    <TD width="2%" align=center><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>20,416</FONT>&nbsp;</TD>
    <TD width="2%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="10%" align=center><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>37.500</FONT>&nbsp;</TD>
    <TD width="2%" align=center><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>765,600</FONT>&nbsp;</TD>
    <TD width="2%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="42%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>TOTAL NON-CURRENT
      ASSETS</FONT></B>&nbsp;</TD>
    <TD width="10%" align=center>&nbsp;</TD>
    <TD width="2%" align=center></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>20,416</FONT></B>&nbsp;</TD>
    <TD width="2%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="2%" align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>765,600</FONT></B>&nbsp;</TD>
    <TD width="2%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>-</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="42%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>CURRENT
    ASSETS</FONT></B>&nbsp;</TD>
    <TD width="10%" align=center>&nbsp;</TD>
    <TD width="2%" align=center></TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="2%" align=left></TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="2%" align=left></TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="2%" align=left></TD>
    <TD width="10%" align=left>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="42%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Other receivables</FONT>&nbsp;</TD>
    <TD style="TEXT-INDENT: 9.599pt" width="10%" align=center><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>USD</FONT></TD>
    <TD width="2%" align=center><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="10%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>3,989</FONT>&nbsp;</TD>
    <TD width="2%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="10%" align=center><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>37.500</FONT>&nbsp;</TD>
    <TD width="2%" align=center><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="10%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>149,588</FONT>&nbsp;</TD>
    <TD width="2%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="10%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="42%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Financial assets at fair value
      through profit or</FONT>&nbsp;</TD>
    <TD width="10%" align=center>&nbsp;</TD>
    <TD width="2%" align=center></TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="2%" align=left></TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="2%" align=left></TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="2%" align=left></TD>
    <TD width="10%" align=left>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="42%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>loss</FONT>&nbsp;</TD>
    <TD style="TEXT-INDENT: 9.599pt" width="10%" align=center><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>USD</FONT></TD>
    <TD width="2%" align=center><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="10%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>87,621</FONT>&nbsp;</TD>
    <TD width="2%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="10%" align=center><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>37.500</FONT>&nbsp;</TD>
    <TD width="2%" align=center><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="10%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>3,285,788</FONT>&nbsp;</TD>
    <TD width="2%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="10%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,829,881</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="42%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Cash and cash
    equivalents</FONT>&nbsp;</TD>
    <TD style="TEXT-INDENT: 9.599pt" width="10%" align=center><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>USD</FONT></TD>
    <TD width="2%" align=center><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="10%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>250</FONT>&nbsp;</TD>
    <TD width="2%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="10%" align=center><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>37.500</FONT>&nbsp;</TD>
    <TD width="2%" align=center><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="10%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>9,375</FONT>&nbsp;</TD>
    <TD width="2%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="10%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>6,519</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="42%" align=left>&nbsp;</TD>
    <TD style="TEXT-INDENT: 9.599pt" width="10%" align=center><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>EUR</FONT></TD>
    <TD width="2%" align=center><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD width="2%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="10%" align=center><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>42.840</FONT>&nbsp;</TD>
    <TD width="2%" align=center><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD width="2%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>394</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="42%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>TOTAL CURRENT
      ASSETS</FONT></B>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="2%" align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>91,860</FONT></B>&nbsp;</TD>
    <TD width="2%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="2%" align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,444,751</FONT></B>&nbsp;</TD>
    <TD width="2%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,836,794</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="42%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>TOTAL
    ASSETS</FONT></B>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="2%" align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>112,276</FONT></B>&nbsp;</TD>
    <TD width="2%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="2%" align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4,210,351</FONT></B>&nbsp;</TD>
    <TD width="2%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,836,794</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="42%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD width="10%" align=left></TD>
    <TD width="2%" align=left></TD>
    <TD width="10%" align=left></TD>
    <TD width="2%" align=left></TD>
    <TD width="10%" align=left></TD>
    <TD width="2%" align=left></TD>
    <TD width="10%" align=left></TD>
    <TD width="2%" align=left></TD>
    <TD width="10%" align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="42%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>LIABILITIES</FONT></B>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="2%" align=left></TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="2%" align=left></TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="2%" align=left></TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="2%" align=left></TD>
    <TD width="10%" align=left>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="42%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>NON-CURRENT
      LIABILITIES</FONT></B>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="2%" align=left></TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="2%" align=left></TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="2%" align=left></TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="2%" align=left></TD>
    <TD width="10%" align=left>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="42%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Borrowings</FONT>&nbsp;</TD>
    <TD style="TEXT-INDENT: 9.599pt" width="10%" align=center><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>USD</FONT>&nbsp;</TD>
    <TD width="2%" align=center><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>190,782</FONT>&nbsp;</TD>
    <TD width="2%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="10%" align=center><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>37.700</FONT>&nbsp;</TD>
    <TD width="2%" align=center><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>7,192,467</FONT>&nbsp;</TD>
    <TD width="2%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>6,189,294</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="42%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>TOTAL NON-CURRENT
      LIABILITIES</FONT></B>&nbsp;</TD>
    <TD width="10%" align=center>&nbsp;</TD>
    <TD width="2%" align=center></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>190,782</FONT></B>&nbsp;</TD>
    <TD width="2%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="2%" align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>7,192,467</FONT></B>&nbsp;</TD>
    <TD width="2%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>6,189,294</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="42%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>CURRENT
      LIABILITIES</FONT></B>&nbsp;</TD>
    <TD width="10%" align=center>&nbsp;</TD>
    <TD width="2%" align=center></TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="2%" align=left></TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="2%" align=left></TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="2%" align=left></TD>
    <TD width="10%" align=left>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="42%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Trade payables</FONT>&nbsp;</TD>
    <TD style="TEXT-INDENT: 9.599pt" width="10%" align=center><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>USD</FONT></TD>
    <TD width="2%" align=center><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="10%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>17,519</FONT>&nbsp;</TD>
    <TD width="2%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="10%" align=center><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>37.700</FONT>&nbsp;</TD>
    <TD width="2%" align=center><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="10%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>660,459</FONT>&nbsp;</TD>
    <TD width="2%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="10%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>386,504</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="42%" align=left>&nbsp;</TD>
    <TD style="TEXT-INDENT: 9.599pt" width="10%" align=center><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>EUR</FONT></TD>
    <TD width="2%" align=center><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="10%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>93</FONT>&nbsp;</TD>
    <TD width="2%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="10%" align=center><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>43.163</FONT>&nbsp;</TD>
    <TD width="2%" align=center><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="10%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>4,014</FONT>&nbsp;</TD>
    <TD width="2%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="10%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>9,248</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="42%" align=left>&nbsp;</TD>
    <TD style="TEXT-INDENT: 9.599pt" width="10%" align=center><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>CHF</FONT></TD>
    <TD width="2%" align=center><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="10%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>5</FONT>&nbsp;</TD>
    <TD width="2%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="10%" align=center><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>38.312</FONT>&nbsp;</TD>
    <TD width="2%" align=center><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="10%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD width="2%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="10%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>15,454</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="42%" align=left>&nbsp;</TD>
    <TD width="10%" align=center>
      <P style="TEXT-ALIGN: center"><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>&nbsp;&nbsp;&nbsp; NOK</FONT></P></TD>
    <TD width="2%" align=center>
      <P style="TEXT-ALIGN: center"><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></P></TD>
    <TD width="10%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>68</FONT>&nbsp;</TD>
    <TD width="2%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="10%" align=center><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>4.346</FONT>&nbsp;</TD>
    <TD width="2%" align=center><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="10%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>296</FONT>&nbsp;</TD>
    <TD width="2%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="10%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>230</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="42%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Borrowings</FONT>&nbsp;</TD>
    <TD style="TEXT-INDENT: 9.599pt" width="10%" align=center><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>USD</FONT></TD>
    <TD width="2%" align=center><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>28,580</FONT>&nbsp;</TD>
    <TD width="2%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="10%" align=center><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>37.700</FONT>&nbsp;</TD>
    <TD width="2%" align=center><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,077,453</FONT>&nbsp;</TD>
    <TD width="2%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>105,139</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="42%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>TOTAL CURRENT
      LIABILITIES</FONT></B>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="2%" align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>46,265</FONT></B>&nbsp;</TD>
    <TD width="2%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="2%" align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,742,222</FONT></B>&nbsp;</TD>
    <TD width="2%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>516,575</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="42%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>TOTAL
    LIABILITIES</FONT></B>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="2%" align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>237,047</FONT></B>&nbsp;</TD>
    <TD width="2%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="2%" align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>8,934,689</FONT></B>&nbsp;</TD>
    <TD width="2%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>6,705,869</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt; TEXT-INDENT: -21.25pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(1)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>The exchange
rates used are the BNA exchange rates in effect as of December 31, 2018 for US
Dollars (USD), Euros (EUR), Swiss Francs (CHF) and Norwegian Krones (NOK).
</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The table below shows the Company&#8217;s exposure to currency
risk resulting from the financial assets and liabilities denominated in a
currency other than the Company&#8217;s functional currency.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; TEXT-INDENT: -4.5pt" align=center>&nbsp;</P>
<TABLE style="WIDTH: 100%" cellSpacing=0 border=0>

  <TR>
    <TD width="58%"></TD>
    <TD width="20%"></TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="2%"></TD>
    <TD width="20%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="58%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12.31.18</FONT></B>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="2%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12.31.17</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="58%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Net position
      Assets/(Liabilities)</FONT></B>&nbsp;</TD>
    <TD width="20%" align=left>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="2%" align=left></TD>
    <TD width="20%" align=left>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="58%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>US dollar</FONT>&nbsp;</TD>
    <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(4,720,028)</FONT>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="2%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(4,844,537)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="58%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Euro</FONT>&nbsp;</TD>
    <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(4,014)</FONT>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="2%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(8,854)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="58%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Norwegian krone</FONT>&nbsp;</TD>
    <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(296)</FONT>&nbsp;</TD>
    <TD width="2%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(230)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="58%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Swiss franc</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD width="2%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(15,454)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="58%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="20%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(4,724,338)</FONT></B>&nbsp;</TD>
    <TD width="2%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="20%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(4,869,075)</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; TEXT-INDENT: -4.5pt" align=center></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The Company estimates that a 10% devaluation of the
Argentine peso with respect to each foreign currency, with all the other
variables remaining constant, would give rise to the following decrease in the
profit for the year:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; TEXT-INDENT: -4.5pt" align=center>&nbsp;</P>
<TABLE style="WIDTH: 100%" cellSpacing=0 border=0>

  <TR>
    <TD width="58%"></TD>
    <TD width="20%"></TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="2%"></TD>
    <TD width="20%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="58%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12.31.18</FONT></B>&nbsp;</TD>
    <TD width="2%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12.31.17</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="58%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Net position
      Assets/(Liabilities)</FONT></B>&nbsp;</TD>
    <TD width="20%" align=left>&nbsp;</TD>
    <TD width="2%" align=left></TD>
    <TD width="20%" align=left>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="58%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>US dollar</FONT>&nbsp;</TD>
    <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(472,003)</FONT>&nbsp;</TD>
    <TD width="2%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(484,454)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="58%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Euro</FONT>&nbsp;</TD>
    <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(401)</FONT>&nbsp;</TD>
    <TD width="2%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(886)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="58%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Norwegian krone</FONT>&nbsp;</TD>
    <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(30)</FONT>&nbsp;</TD>
    <TD width="2%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(24)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="58%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Swiss franc</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD width="2%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(1,546)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="58%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Decrease in the results of
      operations for</FONT></B>&nbsp;</TD>
    <TD width="20%" align=left>&nbsp;</TD>
    <TD width="2%" align=left></TD>
    <TD width="20%" align=left>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="58%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>the year</FONT></B>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="20%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(472,434)</FONT></B>&nbsp;</TD>
    <TD width="2%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="20%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(486,910)</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; TEXT-INDENT: -4.5pt" align=center></P>
<P style="MARGIN: 0in 0in 10pt"><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclFooter34"></a><DIV>&nbsp;</DIV>
<DIV></DIV>
<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face=Arial>30</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_35></A>
<a name="_bclHeader35"></a><DIV>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: -56.7pt" align=center></P>
<DIV align=left>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD>
      <DIV>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL
      STATEMENTS</FONT></B></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></DIV></TD></TR></TABLE></DIV></DIV>
<P style="MARGIN: 0in 0pt 0pt 70.9pt; TEXT-INDENT: -70.9pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>ii.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Price risk</FONT></U></P>
<P style="MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The Company&#8217;s investments in listed equity instruments are
susceptible to market price risk arising from the uncertainties concerning the
future value of these instruments. Due to the low significance of the
investments in equity instruments in relation to the net asset/liability
position, the Company is not significantly exposed to the referred to
instruments price risk.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Furthermore, the Company is not exposed to commodity price
risk.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 7.1pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 7.1pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0pt 0pt 70.9pt; TEXT-INDENT: -70.9pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>iii.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Interest rate risk </FONT></U></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 7.1pt 0pt 0in; TEXT-INDENT: 35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Interest rate risk is the risk of fluctuation in the fair
value or cash flows of an instrument due to changes in market interest rates.
The Company&#8217;s exposure to interest rate risk is related mainly to the long-term
debt obligations. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Indebtedness at floating rates exposes the Company to
interest rate risk on its cash flows. Indebtedness at fixed rates exposes the
Company to interest rate risk on the fair value of its liabilities. As of
December 31, 2018 and 2017 -except for a loan applied for by the Company and
granted by ICBC Bank as from October 2017 for a three-year term at a six-month
Libor rate plus an initial 2.75% spread, which will be adjusted semi-annually by
a quarter-point-, 100% of the loans were obtained at fixed interest rates. The
Company&#8217;s policy is to keep the largest percentage of its indebtedness in
instruments that accrue interest at fixed rates.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The Company analyzes its exposure to interest rate risk in
a dynamic manner. Several scenarios are simulated taking into account the
positions with respect to refinancing, renewal of current positions, alternative
financing and hedging. Based on these scenarios, the Company calculates the
impact on profit or loss of a specific change in interest rates. In each
simulation, the same interest rate fluctuation is used for all the currencies.
Scenarios are only simulated for liabilities that represent the most relevant
interest-bearing positions.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The table below shows the breakdown of the Company&#8217;s loans
according to interest rate and the currency in which they are denominated:
</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center>&nbsp;</P>
<TABLE style="WIDTH: 100%" cellSpacing=0 border=0>

  <TR>
    <TD width="58%"></TD>
    <TD width="20%"></TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="2%"></TD>
    <TD width="20%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="58%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12.31.18</FONT></B>&nbsp;</TD>
    <TD width="2%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12.31.17</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="58%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Fixed
    rate:</FONT></B>&nbsp;</TD>
    <TD width="20%" align=left>&nbsp;</TD>
    <TD width="2%" align=left></TD>
    <TD width="20%" align=left>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="58%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>US dollar</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>6,359,798</FONT>&nbsp;</TD>
    <TD width="2%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 10.863pt" width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>4,904,361</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="58%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Subtotal loans at fixed
      rates</FONT></B>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>6,359,798</FONT></B>&nbsp;</TD>
    <TD width="2%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 15.429pt" width="20%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4,904,361</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="58%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Floating
    rate:</FONT></B>&nbsp;</TD>
    <TD width="20%" align=left>&nbsp;</TD>
    <TD width="2%" align=left></TD>
    <TD width="20%" align=left>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="58%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>US dollar</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,910,122</FONT>&nbsp;</TD>
    <TD width="2%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 10.863pt" width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,390,072</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="58%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Subtotal loans at floating
      rates</FONT></B>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,910,122</FONT></B>&nbsp;</TD>
    <TD width="2%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 15.429pt" width="20%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,390,072</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="58%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total
    loans</FONT></B>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="20%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>8,269,920</FONT></B>&nbsp;</TD>
    <TD width="2%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 15.429pt" width="20%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>6,294,433</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>
<DIV></DIV>
<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face=Arial>31</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_36></A>
<a name="_bclHeader36"></a><DIV>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: -56.7pt" align=center></P>
<DIV align=left>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD>
      <DIV>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL
      STATEMENTS</FONT></B></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></DIV></TD></TR></TABLE></DIV>&nbsp;
</DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Based on the simulations performed, a 1% increase in
floating interest rates, with all the other variables remaining constant, would
give rise to the following decrease in the profit for the year:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center>&nbsp;</P>
<TABLE style="WIDTH: 100%" cellSpacing=0 border=0>

  <TR>
    <TD width="58%"></TD>
    <TD width="20%"></TD>
    <TD width="2%"></TD>
    <TD width="20%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="58%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12.31.18</FONT></B>&nbsp;</TD>
    <TD width="2%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12.31.17</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="58%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Floating
    rate:</FONT></B>&nbsp;</TD>
    <TD width="20%" align=right>&nbsp;</TD>
    <TD width="2%" align=right></TD>
    <TD width="20%" align=right>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="58%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>US dollar</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 22.748pt" width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(4,241)</FONT>&nbsp;</TD>
    <TD width="2%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 22.748pt" width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(3,098)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="58%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Decrease in the results of
      operations</FONT></B>&nbsp;</TD>
    <TD width="20%" align=right>&nbsp;</TD>
    <TD width="2%" align=right></TD>
    <TD width="20%" align=right>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="58%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>for the
    year</FONT></B>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 22.748pt" width="20%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(4,241)</FONT></B>&nbsp;</TD>
    <TD width="2%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 22.748pt" width="20%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(3,098)</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Based on the simulations performed, a 1% decrease in
floating interest rates, with all the other variables remaining constant, would
give rise to the following increase in the profit for the year:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center>&nbsp;</P>
<TABLE style="WIDTH: 100%" cellSpacing=0 border=0>

  <TR>
    <TD width="58%"></TD>
    <TD width="20%"></TD>
    <TD width="2%"></TD>
    <TD width="20%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="58%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12.31.18</FONT></B>&nbsp;</TD>
    <TD width="2%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12.31.17</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="58%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Floating
    rate:</FONT></B>&nbsp;</TD>
    <TD width="20%" align=right>&nbsp;</TD>
    <TD width="2%" align=right></TD>
    <TD width="20%" align=right>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="58%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>US dollar</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 22.748pt" width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>4,241</FONT></TD>
    <TD width="2%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 22.748pt" width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>3,098</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="58%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Decrease in the results of
      operations</FONT></B>&nbsp;</TD>
    <TD width="20%" align=right>&nbsp;</TD>
    <TD width="2%" align=right></TD>
    <TD width="20%" align=right>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="58%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>for the
    year</FONT></B>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 22.748pt" width="20%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4,241</FONT></B>&nbsp;</TD>
    <TD width="2%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 22.748pt" width="20%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,098</FONT></B></TD></TR></TABLE>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0pt 0pt 70.9pt; TEXT-INDENT: -28.35pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>b.</FONT></I></B><B><I><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></I></B><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Credit
risk</FONT></I></B></P>
<P style="MARGIN: 0in 7.1pt 0pt 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Credit risk is the risk of a financial loss as a
consequence of a counterparty&#8217;s failure to comply with the obligations assumed
in a financial instrument or commercial contract. The Company&#8217;s exposure to
credit risk results from its operating (particularly from its commercial
receivables) and financial activities, including deposits in financial entities
and other instruments.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Credit risk arises from cash and cash equivalents,
deposits with banks and financial entities and derivative financial instruments,
as well as from credit exposure to customers, included in outstanding balances
of accounts receivable and committed transactions.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>With regard to banks and financial entities, only those
with high credit quality are accepted.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>With regard to debtors, if no independent credit risk
ratings are available, the Finance Department evaluates the debtors&#8217; credit
quality, past experience and other factors. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Individual credit limits are established in accordance
with the limits set by the Company&#8217;s CEO, on the basis of the internal or
external ratings approved by the Finance and Control Department. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The Company has different procedures in place to reduce
energy losses and allow for the collection of the balances owed by its
customers. The Commercial Department periodically monitors compliance with the
above-mentioned procedures.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>One of the significant items of delinquent balances is
that related to the receivable amounts with Municipalities, in respect of which
the Company either applies different offsetting mechanisms against municipal
taxes it collects in the name and to the order of those government bodies, or
implements debt refinancing plans, with the aim of reducing them.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>At
each year-end, the Company analyzes whether the recording of an impairment is
necessary. As of December 31, 2018 and 2017, delinquent trade receivables
totaled approximately $ 2 billion and $ 1.5 billion, respectively.&nbsp; As of
December 31, 2018 and 2017, the financial statements included allowances for $
901.3 million and $ 677.5 million, respectively. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>
<DIV></DIV>
<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face=Arial>32</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_37></A>
<a name="_bclHeader37"></a><DIV>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: -56.7pt" align=center></P>
<DIV align=left>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD>
      <DIV>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL
      STATEMENTS</FONT></B></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></DIV></TD></TR></TABLE></DIV>&nbsp;
</DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The inability to collect the accounts receivable in the
future could have an adverse effect on the Company&#8217;s results of operations and
its financial position, which, in turn, could have an adverse effect on the
Company&#8217;s ability to repay loans, including payment of the Corporate Notes.
</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The balances of the bills for electricity consumption of
small-demand (T1), medium-demand (T2) and large-demand (T3) customers that
remain unpaid 7 working days after the bills&#8217; first due dates are considered
delinquent trade receivables. Additionally, the amounts related to the Framework
Agreement are not considered within delinquent balances.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The Company&#8217;s maximum exposure to credit risk is based on
the book value of each financial asset in the financial statements, after
deducting the corresponding allowances.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></I></B>&nbsp;</P>
<P style="MARGIN: 0in 0pt 0pt 70.9pt; TEXT-INDENT: -28.35pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>c.</FONT></I></B><B><I><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></I></B><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Liquidity
risk</FONT></I></B></P>
<P style="MARGIN: 0in 7.1pt 0pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The Company monitors the risk of a deficit in cash flows
on a periodical basis. The Finance Department supervises the updated projections
of the Company&#8217;s liquidity requirements in order to ensure that there is enough
cash to meet its operational needs, permanently maintaining sufficient margin
for undrawn credit lines so that the Company does not fail to comply with the
indebtedness limits or covenants, if applicable, of any line of credit. Such
projections give consideration to the Company&#8217;s debt financing plans, compliance
with covenants, with internal balance sheet financial ratios objectives and, if
applicable, with external regulations and legal requirements, such as,
restrictions on the use of foreign currency.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Cash surpluses held by the Company and the balances in
excess of the amounts required to manage working capital are invested in Money
Market Funds and/or time deposits that accrue interest, currency deposits and
securities, choosing instruments with appropriate maturities or sufficient
liquidity to provide sufficient margin as determined in the aforementioned
projections. As of December 31, 2018 and 2017, the Company&#8217;s current financial
assets at fair value amount to $ 3.4 billion and $ 4.3 billion, respectively,
which are expected to generate immediate cash inflows to manage the liquidity
risk.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The table below includes an analysis of the Company&#8217;s
non-derivative financial liabilities, which have been classified into maturity
groupings based on the remaining period between the closing date of the fiscal
year and the contractual maturity date. Derivative financial liabilities are
included in the analysis if their contractual maturities are essential for an
understanding of the timing of the cash flows. The amounts disclosed in the
table are the contractual undiscounted cash flows.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt">&nbsp;</P>
<TABLE style="WIDTH: 100%" cellSpacing=0 border=0>

  <TR>
    <TD width="24%"></TD>
    <TD width="10%"></TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%"></TD>
    <TD width="10%"></TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%"></TD>
    <TD width="10%"></TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%"></TD>
    <TD width="10%"></TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%"></TD>
    <TD width="10%"></TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%"></TD>
    <TD width="10%"></TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%"></TD>
    <TD width="10%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="24%" align=left>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>
    <TD style="TEXT-INDENT: 8.398pt" width="10%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>From 3</FONT></B>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD width="10%" align=center>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center></TD>
    <TD width="10%" align=center>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center></TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>
    <TD width="10%" align=left>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="24%" align=left>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="10%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Less than
    3</FONT></B>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD width="10%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>months to
    1</FONT></B>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD width="10%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>From 1 to
    2</FONT></B>&nbsp;</TD>
    <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD width="10%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>From 2 to
    5</FONT></B>&nbsp;</TD>
    <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD width="10%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>More than
    5</FONT></B>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD width="10%" align=left>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="24%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>No
    deadline</FONT></B>&nbsp;</TD>
    <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>months</FONT></B>&nbsp;</TD>
    <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 11.399pt" width="10%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>year</FONT></B>&nbsp;</TD>
    <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>years</FONT></B>&nbsp;</TD>
    <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 8.401pt" width="10%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>years</FONT></B>&nbsp;</TD>
    <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>years</FONT></B>&nbsp;</TD>
    <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="24%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>As of December 31,
      2018</FONT></B>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="10%" align=left>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="24%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Trade and other
    payables</FONT>&nbsp;</TD>
    <TD width="10%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>12,407,373</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="10%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>9,110,948</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="10%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>2,732,779</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="10%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>82,491</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="10%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>99,953</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="10%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="10%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>24,433,544</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="24%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Borrowings</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>684,469</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>684,469</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>7,676,569</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>9,045,507</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="24%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12,407,373</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9,110,948</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,417,248</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>766,960</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>7,776,522</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>-</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>33,479,051</FONT></B>&nbsp;</TD></TR>
  <TR>
    <TD width="100%" colSpan=14>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="24%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>As of December 31,
      2017</FONT></B>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>
    <TD width="10%" align=left>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="24%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Trade and other
    payables</FONT>&nbsp;</TD>
    <TD width="10%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>8,950,249</FONT>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="10%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>5,877,338</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="10%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>8,195,465</FONT>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="10%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>135,840</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="10%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>179,584</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="10%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="10%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>23,338,476</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="24%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Borrowings</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>499,945</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>499,945</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>6,107,012</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>7,106,902</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="24%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>8,950,249</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>5,877,338</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>8,695,410</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>635,785</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>6,286,596</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>-</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>30,445,378</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; TEXT-INDENT: 22.5pt" align=center></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: -49.65pt" align=center><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclFooter37"></a><DIV>&nbsp;</DIV>
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<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face=Arial>33</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_38></A>
<a name="_bclHeader38"></a><DIV>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: -56.7pt" align=center></P>
<DIV align=left>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD>
      <DIV>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL
      STATEMENTS</FONT></B></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></DIV></TD></TR></TABLE></DIV></DIV>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: -49.65pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 20.25pt; TEXT-INDENT: -20.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 5.2 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Concentration risk factors</FONT></B></P>
<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 53.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT></B>&nbsp;</H3>
<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 53.45pt; TEXT-INDENT: -0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>a.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Related to
customers</FONT></B></H3>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The Company&#8217;s receivables derive primarily from the sale
of electricity.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>No
single customer accounted for more than 10% of sales for the years ended
December 31, 2018 and 2017. The collectibility of trade receivables balances
related to the Framework Agreement, which amount to $ 10.4 million</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#ff0066 face=arial,sans-serif> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>and $ 231
million as of December 31, 2018 and 2017, respectively, as disclosed in Note
2.d), is subject to compliance with the terms of such agreement.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 53.45pt; TEXT-INDENT: -0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>b.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Related to employees who are union members</FONT></B></H3>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>As
of December 31, 2018, the Company&#8217;s employees are members of unions, Sindicato
de Luz y Fuerza de Capital Federal (Electric Light and Power Labor Union Federal
Capital) and Asociaci&#243;n del Personal Superior de Empresas de Energ&#237;a
(Association of Supervisory Personnel of Energy Companies). These employees
labor cost depends on negotiations between the Company and the unions; a
sensitive change in employment conditions generates a significant impact on the
Company&#8217;s labor costs.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;In November 2018, the Company reached an agreement
with the Sindicato de Luz y Fuerza on a total salary increase to be implemented
in 5 tranches, beginning in November 2018 and ending in October 2019. Each
increase will be calculated on the basis of the previous month salary and paid
to the personnel represented by the union and providing services at the time of
each payment. The agreed-upon increases are as follow:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 71.45pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>10%, applicable as from December 2018.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 71.45pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>8%, applicable as from February 2019.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 71.45pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>5%, applicable as from April 2019.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 71.45pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>5%, applicable as from July 2019. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 71.45pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>5%, applicable as from October 2019.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Additionally, it was agreed that the values of the
Attendance Bonus, payable to those who have maintained perfect attendance for a
full quarter, or have a maximum of 2 absences over the period, would be adjusted
as from November 2018. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>At
present, the Company continues negotiating with the Asociaci&#243;n del Personal
Superior de Empresas de Energ&#237;a (APSEE), but no agreement has been reached as of
to date.&nbsp; </FONT></P>
<P style="MARGIN: 0in 0in 0pt 35.45pt"><FONT face=georgia><FONT lang=ES-AR face=georgia></FONT></FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=ES-AR style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>
<DIV></DIV>
<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face=Arial>34</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_39></A>
<a name="_bclHeader39"></a><DIV>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: -56.7pt" align=center></P>
<DIV align=left>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD>
      <DIV>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL
      STATEMENTS</FONT></B></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></DIV></TD></TR></TABLE></DIV>&nbsp;
</DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 20.25pt; TEXT-INDENT: -20.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 5.3 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Capital risk management</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 7.1pt 0pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The Company&#8217;s objectives when managing capital are to
safeguard its ability to continue as a going concern and to maintain an optimal
capital structure to reduce the cost of capital.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Consistent with others in the industry, the Company
monitors its capital on the basis of the gearing ratio. This ratio is calculated
as net debt divided by total capital. Net debt is calculated as total
liabilities (current and non-current) less cash and cash equivalents. Total
capital is calculated as equity attributable to the owners as shown in the
statement of financial position plus net debt.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>As of
December 31, 2018 and 2017, gearing ratios were as follow:</FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt" align=center>&nbsp;</P>
<TABLE style="WIDTH: 100%" cellSpacing=0 border=0>

  <TR>
    <TD width="58%"></TD>
    <TD width="20%"></TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="2%"></TD>
    <TD width="20%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="58%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12.31.18</FONT></B>&nbsp;</TD>
    <TD width="2%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12.31.17</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="58%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Total liabilities</FONT>&nbsp;</TD>
    <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>46,023,206</FONT>&nbsp;</TD>
    <TD width="2%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>43,088,208</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="58%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Less: cash and cash
      equivalents</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(3,409,158)</FONT>&nbsp;</TD>
    <TD width="2%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(4,400,357)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="58%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Net debt</FONT>&nbsp;</TD>
    <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>42,614,048</FONT>&nbsp;</TD>
    <TD width="2%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>38,687,851</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="58%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Total Equity</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>30,968,972</FONT>&nbsp;</TD>
    <TD width="2%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>27,793,719</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="58%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Total capital attributable to
      owners</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>73,583,020</FONT>&nbsp;</TD>
    <TD width="2%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>66,481,570</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="58%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Gearing
    ratio</FONT></B>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="20%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>57.91%</FONT></B>&nbsp;</TD>
    <TD width="2%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="20%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>58.19%</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt" align=center></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 20.25pt; TEXT-INDENT: -20.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 5.4 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Regulatory risk factors</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Pursuant to caption C of Section 37 of the Concession
Agreement, the Grantor of the Concession may, without prejudice to other rights
to which he is entitled thereunder, foreclose on the collateral granted by the
Company when the cumulative value of the penalties imposed to the Company in the
previous one-year period exceeds 20% of its annual billing, net of taxes and
rates.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The Company&#8217;s Management evaluates the development of this
indicator on an annual basis. At the date of issuance of these financial
statements, there are no events of non-compliance by the Company that could lead
to that situation. </FONT></P>
<P style="MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 20.25pt; TEXT-INDENT: -20.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 5.5 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Fair value estimate</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 7.1pt 0pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The Company classifies the measurements of financial
instruments at fair value using a fair value hierarchy that reflects the
relevance of the variables used to carry out such measurements. The fair value
hierarchy has the following levels: </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif><BR>&#183; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Level
1</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>: quoted prices (unadjusted) in active markets for
identical assets or liabilities.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif><BR>&#183; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Level
2</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>: inputs other than quoted prices included in level 1 that
are observable for the asset or liability, either directly (i.e. prices) or
indirectly (i.e. derived from the prices). </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif><BR>&#183;
</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Level 3</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>: inputs for
the asset or liability that are not based on observable market data (i.e.
unobservable inputs). </FONT></P>
<P style="MARGIN: 0in 0in 10pt"><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclFooter39"></a><DIV>&nbsp;</DIV>
<DIV></DIV>
<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face=Arial>35</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_40></A>
<a name="_bclHeader40"></a><DIV>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: -56.7pt" align=center></P>
<DIV align=left>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD>
      <DIV>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL
      STATEMENTS</FONT></B></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></DIV></TD></TR></TABLE></DIV>&nbsp;
</DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The table below shows the Company&#8217;s financial assets and
liabilities measured at fair value as of December 31, 2018 and 2017:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in" align=center>&nbsp;</P>
<TABLE style="WIDTH: 100%" cellSpacing=0 border=0>

  <TR>
    <TD width="49%"></TD>
    <TD width="12%"></TD>
    <TD width="1%"></TD>
    <TD width="12%"></TD>
    <TD width="1%"></TD>
    <TD width="12%"></TD>
    <TD width="1%"></TD>
    <TD width="12%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="49%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>LEVEL 1</FONT></B>&nbsp;</TD>
    <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>LEVEL 2</FONT></B>&nbsp;</TD>
    <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>LEVEL 3</FONT></B>&nbsp;</TD>
    <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>TOTAL</FONT></B>&nbsp;</TD></TR>
  <TR>
    <TD width="100%" colSpan=8>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="49%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>At December 31,
      2018</FONT></B>&nbsp;</TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="49%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Assets</FONT></B>&nbsp;</TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>
    <TD width="12%" align=right>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>
    <TD width="12%" align=left>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="49%" align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>Financial assets at fair
      value through</FONT></I>&nbsp;</TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>
    <TD width="12%" align=right>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>
    <TD width="12%" align=left>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="49%" align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>profit or
    loss:</FONT></I>&nbsp;</TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>
    <TD width="12%" align=right>&nbsp;</TD>
    <TD width="1%" align=right></TD>
    <TD width="12%" align=left>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="49%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Government bonds</FONT>&nbsp;</TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>3,285,799</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="TEXT-INDENT: 41.898pt" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>3,285,799</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="49%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Money market funds</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>95,751</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 41.898pt" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>95,751</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="49%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total
    assets</FONT></B>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,381,550</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>-</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 41.898pt" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>-</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,381,550</FONT></B>&nbsp;</TD></TR>
  <TR>
    <TD width="100%" colSpan=8>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="49%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Liabilities</FONT></B>&nbsp;</TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="49%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Derivative financial
      instruments</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,035</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 39.366pt" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,035</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="49%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total
    liabilities</FONT></B>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>-</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,035</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 41.898pt" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>-</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,035</FONT></B>&nbsp;</TD></TR>
  <TR>
    <TD width="100%" colSpan=8>&nbsp;</TD></TR>
  <TR>
    <TD width="100%" colSpan=8>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="49%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>At December 31,
      2017</FONT></B>&nbsp;</TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="49%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Assets</FONT></B>&nbsp;</TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="49%" align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>Financial assets at fair
      value through</FONT></I>&nbsp;</TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="49%" align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>profit or
    loss:</FONT></I>&nbsp;</TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="49%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Government bonds</FONT>&nbsp;</TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,829,888</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="TEXT-INDENT: 41.898pt" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,829,888</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="49%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Money market funds</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>2,448,120</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 41.898pt" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>2,448,120</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="49%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total
    assets</FONT></B>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4,278,008</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>-</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 41.898pt" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>-</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4,278,008</FONT></B>&nbsp;</TD></TR>
  <TR>
    <TD width="100%" colSpan=8>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="49%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Liabilities</FONT></B>&nbsp;</TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="49%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Derivative financial
      instruments</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>291</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 39.366pt" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>291</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="49%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total
    liabilities</FONT></B>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>-</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>291</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 41.898pt" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>-</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>291</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in" align=center></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The value of the financial instruments negotiated in
active markets is based on the market quoted prices on the date of the statement
of financial position. A market is considered active when the quoted prices are
regularly available through a stock exchange, broker, sector-specific
institution or regulatory body, and those prices reflect regular and current
market transactions between parties that act in conditions of mutual
independence. The market quotation price used for the financial assets held by
the Company is the current offer price. These instruments are included in level
1. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The fair value of financial instruments that are not
negotiated in active markets is determined using valuation techniques. These
valuation techniques maximize the use of market observable information, when
available, and rely as little as possible on specific estimates of the Company.
If all significant variables to establish the fair value of a financial
instrument can be observed, the instrument is included in level 2. These
derivative financial instruments arise from the variation between the market
prices at year-end or sale thereof and the time of negotiation. The market value
used is obtained from the &#8220;Transactions with securities&#8221; report issued by Banco
Mariva.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>When one or more relevant variables used to determine the
fair value cannot be observed in the market, the financial instrument is
included in level 3. There are no financial instruments that are to be included
in level 3.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt">&nbsp;</P>
<a name="_bclFooter40"></a><DIV>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></DIV>
<DIV></DIV>
<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face=Arial>36</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_41></A>
<a name="_bclHeader41"></a><DIV>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: -56.7pt" align=center></P>
<DIV align=left>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD>
      <DIV>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL
      STATEMENTS</FONT></B></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></DIV></TD></TR></TABLE></DIV>&nbsp;
</DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt; TEXT-INDENT: -49.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 6 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Critical
accounting estimates and judgments</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The preparation of the financial statements requires the
Company&#8217;s Management to make estimates and assessments concerning the future,
exercise critical judgments and make assumptions that affect the application of
the accounting policies and the reported amounts of assets and liabilities and
revenues and expenses. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>These estimates and judgments are permanently evaluated
and are based upon past experience and other factors that are reasonable under
the existing circumstances. Future actual results may differ from the estimates
and assessments made at the date of preparation of these financial statements.
</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The estimates that have a significant risk of causing
adjustments to the amounts of assets and liabilities during the next fiscal year
are detailed below: </FONT></P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 10pt 53.45pt; TEXT-INDENT: -0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>a.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>Impairment of
financial assets</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The allowance for the impairment of accounts receivable is
assessed based on the delinquent balance, which comprises all such debt arising
from the bills for electricity consumption of small-demand (T1), medium-demand
(T2), and large-demand (T3) customers that remain unpaid 7 working days after
their first due dates. The Company&#8217;s Management records an allowance applying to
the delinquent balances of each customer category an uncollectibility rate that
is determined according to each customer category based on the historical
comparison of collections made.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Additionally, and faced with temporary and/or exceptional
situations, the Company&#8217;s Management may redefine the amount of the allowance,
specifying and supporting the criteria used in all the cases.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>As
from January 1, 2018, the Company has applied the amended IFRS 9 retrospectively
with the allowed practical resources, without restating the comparative
periods.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The Company has performed a review of the financial assets
it currently measures and classifies at fair value through profit or loss or at
amortized cost and has concluded that they meet the conditions to maintain their
classification; consequently, the initial adoption has not affected the
classification and measurement of the Company&#8217;s financial assets.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Furthermore, with regard to the new hedge accounting
model, the Company has not elected to designate any hedge relationship at the
date of the initial adoption of the amended IFRS 9 and, consequently, has
generated no impact on the Company&#8217;s results of operations or its financial
position.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Finally, with regard to the change in the methodology for
calculating the impairment of financial assets based on expected credit losses,
the Company has applied the simplified approach of IFRS 9 for trade receivables
and other receivables with similar risk characteristics. In order to measure the
expected credit losses, receivables are grouped by customer segment, and on the
basis of the shared credit risk characteristics and the number of days past the
payment due date. The expected loss as of January 1, 2018 was determined based
on the following coefficients calculated for the number of days past the payment
due date:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>
<TABLE style="WIDTH: 100%" cellSpacing=0 border=0>

  <TR>
    <TD width="23%"></TD>
    <TD width="12%"></TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%"></TD>
    <TD width="12%"></TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%"></TD>
    <TD width="12%"></TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%"></TD>
    <TD width="12%"></TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%"></TD>
    <TD width="12%"></TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%"></TD>
    <TD width="12%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="23%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="77%" colSpan=11 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Number of days</FONT></B>
      <B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD width="23%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>0-30</FONT>&nbsp;</TD>
    <TD width="1%" align=center><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>30-60</FONT>&nbsp;</TD>
    <TD width="1%" align=center><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>60-90</FONT>&nbsp;</TD>
    <TD width="1%" align=center><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>90-120</FONT>&nbsp;</TD>
    <TD width="1%" align=center><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>120-150</FONT>&nbsp;</TD>
    <TD width="1%" align=center><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>+150</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="23%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Loss expected
      porcentage</FONT></B>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="12%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>8%</FONT></B>&nbsp;</TD>
    <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="12%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12%</FONT></B>&nbsp;</TD>
    <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="12%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>19%</FONT></B>&nbsp;</TD>
    <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="12%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>26%</FONT></B>&nbsp;</TD>
    <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="12%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>59%</FONT></B>&nbsp;</TD>
    <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="12%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>69%</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 10pt"><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>
<DIV></DIV>
<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face=Arial>37</FONT></P>
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<DIV align=left>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD>
      <DIV>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL
      STATEMENTS</FONT></B></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></DIV></TD></TR></TABLE></DIV>&nbsp;
</DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>For such purpose, the adjustments determined as of
December 31, 2017 are as follow:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt">&nbsp;</P>
<TABLE style="WIDTH: 100%" cellSpacing=0 border=0>

  <TR>
    <TD width="77%"></TD>
    <TD width="22%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><B><I><FONT size=2 face=Arial-BoldItalicMT,Arial,Helvetica,sans-serif>Amount of the
      provisions for impairment of the trade</FONT></I></B>&nbsp;</TD>
    <TD align=left>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left><B><I><FONT size=2 face=Arial-BoldItalicMT,Arial,Helvetica,sans-serif>receivables at
      12.31.2017 by IAS 39</FONT></I></B>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(458,853)</FONT></B>&nbsp;</TD></TR>
  <TR>
    <TD colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left><I><FONT size=2 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>Adjustment of expected
      losses NIIF 9</FONT></I>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(82,041)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left><B><I><FONT size=2 face=Arial-BoldItalicMT,Arial,Helvetica,sans-serif>Amount of the
      provisions for impairment of the trade</FONT></I></B>&nbsp;</TD>
    <TD align=left>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left><B><I><FONT size=2 face=Arial-BoldItalicMT,Arial,Helvetica,sans-serif>receivables at
      12.31.2017 by NIIF 9</FONT></I></B>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(540,894)</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The adjustment determined as a result of the application
of this new standard, net of its tax effect, amounts to $ 60.2 million, which is
disclosed within the &#8220;Unappropriated Retained Earnings&#8221; line item.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 7.1pt 0pt 56.7pt; TEXT-INDENT: -21.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>b.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Revenue recognition</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 7.1pt 0pt 0in; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Revenue is recognized on an accrual basis upon delivery to
customers, which includes the estimated amount of unbilled distribution of
electricity at the end of each year. The accounting policy for the recognition
of estimated revenue is considered critical because it depends on the amount of
electricity effectively delivered to customers, which is valued on the basis of
applicable tariffs. Unbilled revenue is classified as current trade
receivables.</FONT></P>
<P style="MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 7.1pt 0pt 56.7pt; TEXT-INDENT: -21.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>c.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Impairment of long-lived assets</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Long-lived assets are tested for impairment at the lowest
disaggregation level at which independent cash flows can be identified (cash
generating units, or CGU). </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The Company analyzes the recoverability of its long-lived
assets on a periodical basis or when events or changes in circumstances indicate
that the recoverable amount of assets, which is measured as the higher of value
in use and fair value less costs to sell at the end of the year, may be
impaired.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>At
the date of issuance of these financial statements there are no indicators of a
potential impairment.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 7.1pt 0pt 56.7pt; TEXT-INDENT: -21.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>d.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;Current and deferred income tax</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 7.1pt 0pt 0in; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>A
degree of judgment is required to determine the income tax provision inasmuch as
the Company&#8217;s Management has to evaluate, on an ongoing basis, the positions
taken in tax returns in respect of situations in which the applicable tax
regulation is subject to interpretation and, whenever necessary, make provisions
based on the amount expected to be paid to the tax authorities. When the final
tax outcome of these matters differs from the amounts initially recognized, such
differences will impact on both the income tax and the deferred tax provisions
in the fiscal year in which such determination is made.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>There are many transactions and calculations for which the
ultimate tax determination is uncertain. The Company recognizes liabilities for
eventual tax claims based on estimates of whether additional taxes will be due
in the future.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Deferred tax assets are reviewed at each reporting date
and reduced in accordance with the probability that the sufficient taxable base
will be available to allow for the total or partial recovery of these assets.
Deferred tax assets and liabilities are not discounted. The realization of
deferred tax assets depends on the generation of future taxable income in the
periods in which these temporary differences become deductible. To make this
assessment, the Company&#8217;s Management takes into consideration the scheduled
reversal of deferred tax liabilities, the projected future taxable income, the
prevailing rates to be applied in each period, and tax planning
strategies.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT face=Arial></FONT>&nbsp;</P>
<a name="_bclFooter42"></a><DIV>&nbsp;</DIV>
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<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face=Arial>38</FONT></P>
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      <DIV>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL
      STATEMENTS</FONT></B></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></DIV></TD></TR></TABLE></DIV>
<DIV align=left>
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  </TABLE></DIV></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 7.1pt 0pt 56.7pt; TEXT-INDENT: -21.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>e.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Benefit plans</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 7.1pt 0pt 53.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The liability recognized by the Company is the best
estimate of the present value of the cash flows representing the benefit plan
obligation at the closing date of the year together with the adjustments for
past service costs and actuarial losses. Cash flows are discounted using a rate
that contemplates actuarial ns about demographic and financial conditions that
affect the determination of benefit plans. Such estimate is based on actuarial
calculations made by independent professionals in accordance with the projected
unit credit method.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 7.1pt 0pt 56.7pt; TEXT-INDENT: -21.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>f.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>ENRE penalties and discounts</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 7.1pt 0pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The Company considers its applicable accounting policy for
the recognition of ENRE penalties and discounts critical because it depends on
penalizable events that are valued on the basis of the Management&#180;s best
estimate of the expenditure required to settle the present obligation at the
date of these financial statements. The balances of ENRE penalties and discounts
are adjusted in accordance with the regulatory framework applicable thereto and
have been estimated based on that which has been described in Note
2.e).</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 7.1pt 0pt 56.7pt; TEXT-INDENT: -21.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>g.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Contingencies and provisions for lawsuits</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 7.1pt 0pt 0in; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The Company is a party to several complaints, lawsuits and
other legal proceedings, including customer claims, in which a third party is
seeking payment for alleged damages, reimbursement for losses or compensation.
The Company&#8217;s potential liability with respect to such claims, lawsuits and
legal proceedings may not be accurately estimated. The Company&#8217;s Management,
with the assistance of its legal advisors (attorneys), periodically analyzes the
status of each significant matter and evaluates the Company&#8217;s potential
financial exposure.&nbsp; If the loss deriving from a complaint or legal
proceeding is considered probable and the amount can be reasonably estimated, a
provision is recorded. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Provisions for contingent losses represent a reasonable
estimate of the losses that will be incurred, based on the information available
to Management at the date of the financial statements preparation, taking into
account the Company&#8217;s litigation and settlement strategies. These estimates are
mainly made with the help of legal advisors. However, if the Management&#8217;s
estimates proved wrong, the current provisions could be inadequate and result in
a charge to profits that could have a significant effect on the statements of
financial position, comprehensive income, changes in equity and cash
flows.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt; TEXT-INDENT: -49.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 7 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman"> </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Interest in
joint venture</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center>&nbsp;</P>
<TABLE style="WIDTH: 100%" cellSpacing=0 border=0>

  <TR>
    <TD width="38%"></TD>
    <TD width="20%"></TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="2%"></TD>
    <TD width="20%"></TD>
    <TD width="20%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="38%" align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Percentage interest
      held</FONT></B>&nbsp;</TD>
    <TD width="20%" align=left>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="2%" align=left></TD>
    <TD width="40%" colSpan=2 align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Equity attributable to the
      owners</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="38%" align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>in capital stock and
      votes</FONT></B>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" align=left>&nbsp;</TD>
    <TD width="2%" align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 11.402pt" width="20%" align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12.31.18</FONT></B>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12.31.17</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="38%" align=center><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>SACME</FONT>&nbsp;</TD>
    <TD width="20%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>50.00%</FONT>&nbsp;</TD>
    <TD width="2%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="TEXT-INDENT: 36.197pt" width="20%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>8,844</FONT>&nbsp;</TD>
    <TD width="20%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>10,693</FONT>&nbsp;</TD></TR></TABLE>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt; TEXT-INDENT: -49.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 8 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Contingent
liabilities</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>The Company has contingent liabilities and is a party to
lawsuits that arise from the ordinary course of business. Based on the opinion
of its in-house and external legal advisors, the Company&#8217;s Management estimates
that the outcome of the current contingencies and lawsuits will not result in
amounts that either exceed those of the recorded provisions or could be
significant with respect to the Company&#8217;s financial position or the results of
its operations.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Furthermore, it is worth mentioning that there exist
contingent obligations and labor, civil and commercial complaints filed against
the Company related to legal actions for individual non-significant amounts,
which as of December 31, 2018 total $ 1.3 billion, for which a provision has
been recorded.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>
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      <DIV>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL
      STATEMENTS</FONT></B></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></DIV></TD></TR></TABLE></DIV>&nbsp;
</DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>We detail below the nature of the significant judicial
proceedings in relation to which, as of December 31, 2018, the Company believes,
based on the opinion of its in-house and external legal advisors, there exist
grounds for them not to be deemed probable:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 20.15pt; TEXT-INDENT: -20.15pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 8.1 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Civil and commercial proceedings &#8211; Consumer
claims</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 21.3pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>-&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>By
means of the action filed by </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>Consumidores
Financieros Asociaci&#243;n Civil para su Defensa, the following is claimed from the
Company:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=wingdings>&#216;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Reimbursement of the Value Added Tax (VAT) percentage paid
on the illegally &#8220;widened&#8221; taxable basis due to the incorporation of the FNEE.
Distribution companies, the defendants, had not paid this tax when CAMMESA
invoiced them the electricity purchased for distribution purposes</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=wingdings>&#216;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Reimbursement of part of the administrative surcharge on
&#8220;second due date&#8221;, in those cases in which payment was made within the time
period authorized for such second deadline (14 days) but without distinguishing
the effective day of payment</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=wingdings>&#216;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Application of the &#8220;borrowing rate&#8221; in case of customer
delay in complying with payment obligation, in accordance with the provisions of
Law No. 26,361</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>On April 22, 2010, the Company answered the complaint and
filed a motion to dismiss for lack of standing (&#8220;</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>excepci&#243;n de falta de legitimaci&#243;n</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&#8221;), requesting, at such opportunity, that a summons be
served upon the Federal Government, the AFIP and the ENRE as third-party
defendants. Notice of this was served upon the plaintiff. Although the
plaintiff&#8217;s opposition to the requested summons had not yet been resolved, the
proceedings were brought to trial, in response to which </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>edenor</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>
filed a motion for reversal with a supplementary appeal. The Court hearing the
case granted the motion filed by </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>edenor</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>
and ordered that the Federal Government, the AFIP and the ENRE be summoned as
third-party defendants, which has already taken place. These proceedings have
been joined to those mentioned below. Without prejudice thereto, in the
framework of the record of the proceedings, the case has been brought to trial.
</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>By means of the action filed by </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Asociaci&#243;n de
Defensa de derechos de clientes y consumidores (ADDUC) it is
requested</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif> that the Company be ordered by the Court to
reduce or mitigate the default or late payment interest rates charged to
customers who pay their bills after the first due date, inasmuch as they violate
section 31 of Law 24,240, ordering both the non application of pacts or accords
that stipulate the interest rates that are being applied to the users of
electricity &#8211;their unconstitutional nature&#8211; as well as the reimbursement of
interest amounts illegally collected from the customers of the service from
August 15, 2008 through the date on which the defendant complies with the order
to reduce interest. It is also requested that the VAT and any other taxes
charged on the portion of the surcharge illegally collected be
reimbursed.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>On November 11, 2011, the Company answered the complaint
and filed a motion to dismiss for both lack of standing to sue (&#8220;</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>excepci&#243;n de falta de legitimaci&#243;n activa</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&#8221;) and the fact that the claims at issue were being
litigated in another lawsuit (&#8220;</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>excepci&#243;n de litispendencia</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&#8221;), currently in process, requesting as well that a
summons be served upon the ENRE as a third-party defendant. Notice of these
pleadings was served upon the plaintiff. Prior to rendering a decision on the
motion to dismiss, the Court ordered that the Court in Contentious and
Administrative Federal Matters No. 2 &#8211; Clerk&#8217;s Office No. 3 provide it with the
proceedings &#8220;Consumidores Financieros Asociaci&#243;n Civil vs Edesur S.A. and Other
defendants, for breach of contract&#8221;. On April 8, 2014, the Court in Civil and
Commercial Federal Matters No. 9 &#8211; Clerk&#8217;s Office No. 17 admitted the motion to
dismiss due to the fact that the claims at issue were being litigated in another
lawsuit (&#8220;</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>excepci&#243;n de litispendencia</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&#8221;), and ordered that the proceedings be sent to Federal
Court No. 2 &#8211; Clerk&#8217;s Office No. 3 to be dealt with thereat, thus joining them
to the case entitled &#8220;consumidores financieros vs Edesur S.A. and other
defendants, for breach of contract&#8221;. Apart from the fact that the proceedings
have been received in the Court that currently hears the case, which continues
in process, no significant events have occurred. As indicated in caption a)
above, due to the joining of those proceedings to those herein described, these
proceedings have been brought to trial.</FONT></P>
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      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL
      STATEMENTS</FONT></B></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></DIV></TD></TR></TABLE></DIV>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 20.15pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>We
detail below the nature of the significant judicial proceedings instituted by
the Company as of December 31, 2018, in relation to which an inflow of economic
benefits into the Company is deemed probable.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 20.15pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 49.65pt; TEXT-INDENT: -49.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 8.2 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman">&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Civil and
Commercial Proceedings for the Determination of a Claim &#8211; Judicial Annulment
ENRE Resolution 32/11 </FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 21.3pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>-&nbsp;&nbsp;&nbsp; The Company seeks to obtain
t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>he judicial annulment of the ENRE&#8217;s Resolution that
provided the following</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>: </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 57.3pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=wingdings>&#216;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>That the Company be fined in the amount of $ 750 thousand
due to its failure to comply with the obligations arising from Section 25,
sub-sections a, f and g, of the Concession Agreement and Section 27 of Law No.
24,065</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 57.3pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=wingdings>&#216;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>That the Company be fined in the amount of $ 375 thousand
due to its failure to comply with the obligations arising from Section 25 of the
Concession Agreement and ENRE Resolution No. 905/99</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 57.3pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=wingdings>&#216;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>That the Company be ordered to pay customers as
compensation for the power cuts suffered the following amounts: $ 180 to each
small-demand residential customer (T1R) who suffered power cuts that lasted more
than 12 continuous hours, $ 350 to those who suffered power cuts that lasted
more than 24 continuous hours, and $ 450 to those who suffered power cuts that
lasted more than 48 continuous hours. The resolution stated that such
compensation did not include damages to customer facilities and/or appliances,
which were to be dealt with in accordance with a specific procedure</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>On July 8, 2011, the Company requested that notice of the
action be served upon the ENRE, which has effectively taken place. The
proceedings are &#8220;awaiting resolution&#8221; since the date on which the ENRE answered
the notice served. Furthermore, on October 28, 2011, the Company filed an appeal
(&#8220;</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Recurso de Queja por apelaci&#243;n
denegada</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&#8221;) to the CSJN requesting that the appeal
dismissed concerning the provisional relief sought and not granted be sustained.
On April 24, 2013, the Company was notified of Division I&#8217;s decision dated March
21, 2013, pursuant to which the appeal filed by </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>edenor</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>
was declared formally inadmissible. On May 3, 2013, the Company filed an
ordinary appeal (&#8220;</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Recurso Ordinario de Apelaci&#243;n</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&#8221;) to the CSJN. Additionally, on May 13, 2013, an
extraordinary appeal (&#8220;</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Recurso Extraordinario Federal</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&#8221;) was also filed to the same Court. On November 7, 2014,
it was notified to the Company that Division I had rejected the ordinary appeal
but partially granted the extraordinary appeal, considering for the granting
thereof the federal nature of the regulations being challenged and rejecting it
in relation to the arbitrariness raised by </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>edenor</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>.
Therefore, and within the procedural term granted for such purpose, the Company
filed an appeal requesting that the extraordinary appeal dismissed be sustained
(&#8220;</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Recurso de Queja por Rec. Extraordinario
Denegado</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&#8221;). As of the date of this report, no decision
has yet been issued on this regard. However, the course of these proceedings is
currently suspended due to the fact that an &#8220;Agreement of parties&#8221; has been
entered into with the ENRE.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>At the closing date of the year ended December 31, 2018,
the Company made a provision for principal and interest accrued for an amount of
$ 57.3 million within the Other non-current liabilities
account.&nbsp;</FONT></P>
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      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL
      STATEMENTS</FONT></B></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></DIV></TD></TR></TABLE></DIV>&nbsp;
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 49.65pt; TEXT-INDENT: -49.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 8.3 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman">&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Civil and
Commercial Proceedings for the Determination of a Claim &#8211; Regulatory Liability
Claim against the Federal Government</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>On June 28, 2013, the Company instituted these proceedings
for the recognizance of a claim and the related leave to proceed in forma
pauperis, both pending in the Federal Court of Original Jurisdiction in
Contentious and Administrative Federal </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Matters No.
11 &#8211; Clerk&#8217;s Office No. 22, whose purpose is to sue for breach of contract due
to the Federal Government&#8217;s failure to perform in accordance with the terms of
the &#8220;Agreement on the Renegotiation of the Concession Agreement&#8221;
(&#8220;</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Acta Acuerdo de Renegociaci&#243;n del Contrato de
Concesion</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>&#8221; &#8211; the
&#8220;Adjustment Agreement&#8221;) entered into with the Company in 2006, and for damages
caused as a result of such breach. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>On November 22, 2013, the Company amended the complaint so
as to extend it and claim more damages as a consequence of the Federal
Government&#8217;s omission to perform the obligations under the aforementioned
&#8220;Adjustment Agreement&#8221;. On February 3, 2015, the Court hearing the case ordered
that notice of the complaint be served to be answered within the time limit
prescribed by law, which was answered by the Federal Government in due time and
in proper manner.&nbsp; Subsequently, </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>edenor</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>
reported as new event, under the terms of Section 365 of the CPCCN, the issuance
by the SEE of Resolution No. 32/15. After notice was served, the Court rejected
the treatment thereof as an &#8220;event&#8221;, holding the Company liable for costs. The
Company filed an appeal, which was admitted &#8220;with a postponed effect&#8221; (i.e. the
Appellate Court will grant or reject the appeal when deciding on the granting or
rejection of the appeal against final judgment). On October 16, 2015, the
Attorney General&#8217;s Office requested to borrow the records for a term of 20 days,
which were returned on December 1, 2015, in order to control the work done by
the state&#8217;s attorneys. On December 4, 2015, the Company requested the suspension
of the procedural time-limits under the terms of section 157 of the CPCCN, in
accordance with the provisions of SEE Resolution No. 32/15, notice of which has
been served upon the defendant. On February 16, 2016, the Company reiterated the
request due to the revocation of SEE Resolution No. 32/15. At the date of
issuance of this report, and by &#8220;agreement of the parties&#8221;, the procedural
time-limits continue to be suspended. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Regarding the motion to litigate in forma pauperis that
was filed on July 2, 2013, the discovery period has ended and the period for the
parties to put forward their arguments on the merits of the evidence produced
has begun. At the date of issuance of these financial statements, the procedural
time-limits in this incidental motion, as those in the main proceedings,
continue to be suspended. </FONT></P>
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      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL
      STATEMENTS</FONT></B></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></DIV></TD></TR></TABLE></DIV><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt; TEXT-INDENT: -49.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt; TEXT-INDENT: -49.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 9 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Property,
plant and equipment</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 35.45pt; TEXT-INDENT: -42.55pt" align=center><FONT style="HEIGHT: 37px; WIDTH: 59px; POSITION: absolute; MARGIN-LEFT: 918px; LEFT: 0px; MARGIN-TOP: 152px"></FONT></P>
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    <TD width="20%"></TD>
    <TD width="1%" align=center></TD>
    <TD width="9%" align=center></TD>
    <TD width="1%" align=center></TD>
    <TD width="9%" align=center></TD>
    <TD width="1%" align=center></TD>
    <TD width="9%" align=center></TD>
    <TD width="1%" align=center></TD>
    <TD width="9%" align=center></TD>
    <TD width="1%" align=center></TD>
    <TD width="9%" align=center></TD>
    <TD width="1%" align=center></TD>
    <TD width="9%" align=center></TD>
    <TD width="1%" align=center></TD>
    <TD width="9%" align=center></TD>
    <TD width="1%" align=center></TD>
    <TD width="9%" align=center></TD></TR>
  <TR vAlign=bottom>
    <TD width="20%" align=left>&nbsp;</TD>
    <TD width="1%" align=center></TD>
    <TD width="9%" align=center>&nbsp;</TD>
    <TD width="1%" align=center></TD>
    <TD width="9%" align=center>&nbsp;</TD>
    <TD width="1%" align=center></TD>
    <TD width="9%" align=center>&nbsp;</TD>
    <TD width="1%" align=center></TD>
    <TD width="9%" align=center>&nbsp;</TD>
    <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD width="9%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Tools,
    Furniture,</FONT></B>&nbsp;</TD>
    <TD width="1%" align=center></TD>
    <TD width="9%" align=center>&nbsp;</TD>
    <TD width="1%" align=center></TD>
    <TD width="9%" align=center>&nbsp;</TD>
    <TD width="1%" align=center></TD>
    <TD width="9%" align=center>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="20%" align=left>&nbsp;</TD>
    <TD width="1%" align=center></TD>
    <TD width="9%" align=center>&nbsp;</TD>
    <TD width="1%" align=center></TD>
    <TD width="9%" align=center>&nbsp;</TD>
    <TD width="1%" align=center></TD>
    <TD width="9%" align=center>&nbsp;</TD>
    <TD width="1%" align=center></TD>
    <TD width="9%" align=center>&nbsp;</TD>
    <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD width="9%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>vehicles,</FONT></B>&nbsp;</TD>
    <TD width="1%" align=center></TD>
    <TD width="9%" align=center>&nbsp;</TD>
    <TD width="1%" align=center></TD>
    <TD width="9%" align=center>&nbsp;</TD>
    <TD width="1%" align=center></TD>
    <TD width="9%" align=center>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="20%" align=left>&nbsp;</TD>
    <TD width="1%" align=center></TD>
    <TD width="9%" align=center>&nbsp;</TD>
    <TD width="1%" align=center></TD>
    <TD width="9%" align=center>&nbsp;</TD>
    <TD width="1%" align=center></TD>
    <TD width="9%" align=center>&nbsp;</TD>
    <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD width="9%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Meters
and</FONT></B>&nbsp;</TD>
    <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD width="9%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>equipment,</FONT></B>&nbsp;</TD>
    <TD width="1%" align=center></TD>
    <TD width="9%" align=center>&nbsp;</TD>
    <TD width="1%" align=center></TD>
    <TD width="9%" align=center>&nbsp;</TD>
    <TD width="1%" align=center></TD>
    <TD width="9%" align=center>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="20%" align=left>&nbsp;</TD>
    <TD width="1%" align=center></TD>
    <TD width="9%" align=center>&nbsp;</TD>
    <TD width="1%" align=center></TD>
    <TD width="9%" align=center>&nbsp;</TD>
    <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD width="9%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>High,
    medium</FONT></B>&nbsp;</TD>
    <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD width="9%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Transformer</FONT></B>&nbsp;</TD>
    <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD width="9%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>communications</FONT></B>&nbsp;</TD>
    <TD width="1%" align=center></TD>
    <TD width="9%" align=center>&nbsp;</TD>
    <TD width="1%" align=center></TD>
    <TD width="9%" align=center>&nbsp;</TD>
    <TD width="1%" align=center></TD>
    <TD width="9%" align=center>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="20%" align=left>&nbsp;</TD>
    <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD width="9%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Lands and</FONT></B>&nbsp;</TD>
    <TD width="1%" align=center></TD>
    <TD width="9%" align=center>&nbsp;</TD>
    <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="TEXT-INDENT: 10.447pt" width="9%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>and low</FONT></B>&nbsp;</TD>
    <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD width="9%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>chambers
    and</FONT></B>&nbsp;</TD>
    <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD width="9%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>and advances
    to</FONT></B>&nbsp;</TD>
    <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD width="9%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Construction</FONT></B>&nbsp;</TD>
    <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD width="9%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Supplies
    and</FONT></B>&nbsp;</TD>
    <TD width="1%" align=center></TD>
    <TD width="9%" align=center>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" align=left>&nbsp;</TD>
    <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>buildings</FONT></B>&nbsp;</TD>
    <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Substations</FONT></B>&nbsp;</TD>
    <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>voltage
    lines</FONT></B>&nbsp;</TD>
    <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>platforms</FONT></B>&nbsp;</TD>
    <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>suppliers</FONT></B>&nbsp;</TD>
    <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>in
process</FONT></B>&nbsp;</TD>
    <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>spare
    parts</FONT></B>&nbsp;</TD>
    <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 9.839pt" width="9%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 2.52pt" width="20%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>At
    12.31.17</FONT></B>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="9%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="9%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="9%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="9%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="9%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="9%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="9%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="9%" align=left>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="20%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Cost</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,376,244</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>13,471,386</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>36,429,475</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>15,047,060</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>2,506,343</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>8,717,184</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>90,712</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>77,638,404</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Accumulated
      depreciation</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(205,458)</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(3,571,659)</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(11,249,849)</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(4,638,799)</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(912,452)</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(20,578,217)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 2px solid; TEXT-INDENT: 2.52pt" width="20%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Net
amount</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,170,786</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9,899,727</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>25,179,626</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>10,408,261</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,593,891</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>8,717,184</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>90,712</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>57,060,187</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="20%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="20%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Additions</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>18,746</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>113,838</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>380,528</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>51,465</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>516,244</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>7,339,357</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>129,731</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>8,549,909</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="20%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Disposals</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(36)</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(2,211)</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(94,785)</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(35,870)</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(440,852)</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(573,754)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="20%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Transfers</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>89,250</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>187,522</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,595,057</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>710,388</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>89,483</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(2,646,562)</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(25,138)</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Depreciation for the
      period</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(73,129)</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(403,667)</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(1,171,411)</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(546,048)</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(367,244)</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(2,561,499)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 2.52pt" width="20%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Net amount
      12.31.17</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,205,617</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9,795,209</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>25,889,015</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>10,588,196</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,391,522</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>13,409,979</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>195,305</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>62,474,843</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="20%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD width="1%" align=left></TD>
    <TD width="9%" align=left></TD>
    <TD width="1%" align=left></TD>
    <TD width="9%" align=left></TD>
    <TD width="1%" align=left></TD>
    <TD width="9%" align=left></TD>
    <TD width="1%" align=left></TD>
    <TD width="9%" align=left></TD>
    <TD width="1%" align=left></TD>
    <TD width="9%" align=left></TD>
    <TD width="1%" align=left></TD>
    <TD width="9%" align=left></TD>
    <TD width="1%" align=left></TD>
    <TD width="9%" align=left></TD>
    <TD width="1%" align=left></TD>
    <TD width="9%" align=left></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 2.52pt" width="20%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>At
    12.31.18</FONT></B>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="9%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="9%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="9%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="9%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="9%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="9%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="9%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="9%" align=left>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="20%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Cost</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,449,399</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>13,769,111</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>38,060,451</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>15,749,070</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>2,656,570</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>13,409,979</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>195,305</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>85,289,885</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Accumulated
      depreciation</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(243,782)</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(3,973,902)</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(12,171,436)</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(5,160,874)</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(1,265,048)</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(22,815,042)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 2px solid; TEXT-INDENT: 2.52pt" width="20%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Net
amount</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,205,617</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9,795,209</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>25,889,015</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>10,588,196</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,391,522</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>13,409,979</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>195,305</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>62,474,843</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 53.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 53.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 70.9pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>During the year ended December 31, 2018, the Company
capitalized as direct own costs $ 1 billion.</FONT></P>
<P style="MARGIN: 0in 0in 0pt 70.9pt; TEXT-INDENT: -14.2pt">&nbsp;</P>
<TABLE style="WIDTH: 100%" cellSpacing=0 border=0>

  <TR>
    <TD width="40%"></TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="20%"></TD>
    <TD width="40%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="40%" align=left>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="20%" align=left></TD>
    <TD width="40%" align=center><FONT size=1 face=Verdana,Arial,Helvetica,sans-serif>Vease nuestro informe de
      fecha</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="40%" align=left>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="20%" align=left></TD>
    <TD width="40%" align=center><FONT size=1 face=Verdana,Arial,Helvetica,sans-serif>9 de agosto de
  2017</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="40%" align=left>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="20%" align=left></TD>
    <TD width="40%" align=center><B><FONT size=1 face=Verdana-Bold,Arial,Helvetica,sans-serif>PRICE WATERHOUSE &amp; CO.
      S.R.L.</FONT></B>&nbsp;</TD></TR>
  <TR>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="40%" align=left>&nbsp;</TD>
    <TD width="20%" align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 116.16pt" width="40%" align=right><FONT size=1 face=Verdana,Arial,Helvetica,sans-serif>(Socio)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="40%" align=center><B><FONT size=1 face=Verdana-Bold,Arial,Helvetica,sans-serif>DANIEL
    ABELOVICH</FONT></B>&nbsp;</TD>
    <TD width="20%" align=center><B><FONT size=1 face=Verdana-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD width="40%" align=center><B><FONT size=1 face=Verdana-Bold,Arial,Helvetica,sans-serif>C.P.C.E.C.A.B.A. T&#186; 1 F&#186;
      17</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt 70.9pt; TEXT-INDENT: -14.2pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>
<a name="_bclFooter47"></a><DIV><FONT lang=ES style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;
</FONT></DIV>
<DIV></DIV>
<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face=Arial>43</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_48></A>
<a name="_bclHeader48"></a><DIV>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: -49.65pt" align=center></P>
<DIV align=left>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD>
      <DIV>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL
      STATEMENTS</FONT></B></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></DIV></TD></TR></TABLE></DIV>
<DIV align=left><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</DIV></DIV>
<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>
<TABLE style="WIDTH: 100%" cellSpacing=0 border=0>

  <TR>
    <TD width="20%" align=center></TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center></TD>
    <TD width="9%" align=center></TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center></TD>
    <TD width="9%" align=center></TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center></TD>
    <TD width="9%" align=center></TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center></TD>
    <TD width="9%" align=center></TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center></TD>
    <TD width="9%" align=center></TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center></TD>
    <TD width="9%" align=center></TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center></TD>
    <TD width="9%" align=center></TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center></TD>
    <TD width="9%" align=center></TD></TR>
  <TR vAlign=bottom>
    <TD width="20%" align=center>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center></TD>
    <TD width="9%" align=center>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center></TD>
    <TD width="9%" align=center>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center></TD>
    <TD width="9%" align=center>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center></TD>
    <TD width="9%" align=center>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center></TD>
    <TD width="9%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Tools,
    Furniture,</FONT></B>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD width="9%" align=center>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center></TD>
    <TD width="9%" align=center>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center></TD>
    <TD width="9%" align=center>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="20%" align=center>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center></TD>
    <TD width="9%" align=center>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center></TD>
    <TD width="9%" align=center>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center></TD>
    <TD width="9%" align=center>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center></TD>
    <TD width="9%" align=center>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center></TD>
    <TD width="9%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>vehicles,</FONT></B>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD width="9%" align=center>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center></TD>
    <TD width="9%" align=center>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center></TD>
    <TD width="9%" align=center>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="20%" align=center>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center></TD>
    <TD width="9%" align=center>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center></TD>
    <TD width="9%" align=center>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center></TD>
    <TD width="9%" align=center>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center></TD>
    <TD width="9%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Meters
and</FONT></B>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD width="9%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>equipment,</FONT></B>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD width="9%" align=center>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center></TD>
    <TD width="9%" align=center>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center></TD>
    <TD width="9%" align=center>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="20%" align=center>&nbsp;</TD>
    <TD width="1%" align=center></TD>
    <TD width="9%" align=center>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center></TD>
    <TD width="9%" align=center>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center></TD>
    <TD width="9%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>High,
    medium</FONT></B>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD width="9%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Transformer</FONT></B>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD width="9%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>communications</FONT></B>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD width="9%" align=center>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center></TD>
    <TD width="9%" align=center>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center></TD>
    <TD width="9%" align=center>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="20%" align=center>&nbsp;</TD>
    <TD width="1%" align=center></TD>
    <TD width="9%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Lands and</FONT></B>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD width="9%" align=center>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center></TD>
    <TD style="TEXT-INDENT: 10.805pt" width="9%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>and low</FONT></B>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD width="9%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>chambers
    and</FONT></B>&nbsp;</TD>
    <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD width="9%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>and advances
    to</FONT></B>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD width="9%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Construction</FONT></B>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD width="9%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Supplies
    and</FONT></B>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD width="9%" align=center>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" align=center>&nbsp;</TD>
    <TD width="1%" align=center></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>buildings</FONT></B>&nbsp;</TD>
    <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Substations</FONT></B>&nbsp;</TD>
    <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>voltage
    lines</FONT></B>&nbsp;</TD>
    <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>platforms</FONT></B>&nbsp;</TD>
    <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>suppliers</FONT></B>&nbsp;</TD>
    <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>in
process</FONT></B>&nbsp;</TD>
    <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>spare
    parts</FONT></B>&nbsp;</TD>
    <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 10.194pt" width="9%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 2.519pt" width="20%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>At
    12.31.16</FONT></B>&nbsp;</TD>
    <TD width="1%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD width="9%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="9%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="9%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="9%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="9%" align=left>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>
    <TD width="9%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="9%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="9%" align=left>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="20%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Cost</FONT>&nbsp;</TD>
    <TD width="1%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,276,109</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>12,466,805</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>33,712,884</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>13,924,981</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>2,398,833</FONT>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>5,839,187</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>56,036</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>69,674,835</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Accumulated
      depreciation</FONT>&nbsp;</TD>
    <TD width="1%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(178,241)</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(3,214,869)</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(10,386,483)</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(4,157,929)</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(842,545)</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(18,780,067)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 2.519pt" width="20%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Net
amount</FONT></B>&nbsp;</TD>
    <TD width="1%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,097,868</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9,251,936</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>23,326,401</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9,767,052</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,556,288</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>5,839,187</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>56,036</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>50,894,768</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="20%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Additions</FONT>&nbsp;</TD>
    <TD width="1%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>122,804</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>680,868</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,456,818</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>467,268</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>566,753</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>5,103,253</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>85,034</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>8,482,798</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="20%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Disposals</FONT>&nbsp;</TD>
    <TD width="1%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(765)</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(7)</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(35,030)</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(9,618)</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(4,404)</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(49,824)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="20%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Transfers</FONT>&nbsp;</TD>
    <TD width="1%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>50,983</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>323,723</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,357,461</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>664,134</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(240,153)</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(2,225,256)</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(50,358)</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(119,466)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Depreciation for the
      period</FONT>&nbsp;</TD>
    <TD width="1%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(100,104)</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(356,793)</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(926,024)</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(480,575)</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(284,593)</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(2,148,089)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 2.519pt" width="20%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Net amount
      12.31.17</FONT></B>&nbsp;</TD>
    <TD width="1%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,170,786</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9,899,727</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>25,179,626</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>10,408,261</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,593,891</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>8,717,184</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>90,712</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>57,060,187</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="20%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD width="1%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD width="9%" align=left></TD>
    <TD width="1%" align=left></TD>
    <TD width="9%" align=left></TD>
    <TD width="1%" align=left></TD>
    <TD width="9%" align=left></TD>
    <TD width="1%" align=left></TD>
    <TD width="9%" align=left></TD>
    <TD width="1%" align=left></TD>
    <TD width="9%" align=left></TD>
    <TD width="1%" align=left></TD>
    <TD width="9%" align=left></TD>
    <TD width="1%" align=left></TD>
    <TD width="9%" align=left></TD>
    <TD width="1%" align=left></TD>
    <TD width="9%" align=left></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 2.519pt" width="20%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>At
    12.31.17</FONT></B>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD width="9%" align=left>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>
    <TD width="9%" align=left>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>
    <TD width="9%" align=left>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>
    <TD width="9%" align=left>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>
    <TD width="9%" align=left>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>
    <TD width="9%" align=left>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>
    <TD width="9%" align=left>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>
    <TD width="9%" align=left>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="20%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Cost</FONT>&nbsp;</TD>
    <TD width="1%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,376,244</FONT>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>13,471,386</FONT>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>36,429,475</FONT>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>15,047,060</FONT>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>2,506,343</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>8,717,184</FONT>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>90,712</FONT>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>77,638,404</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Accumulated
      depreciation</FONT>&nbsp;</TD>
    <TD width="1%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(205,458)</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(3,571,659)</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(11,249,849)</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(4,638,799)</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(912,452)</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(20,578,217)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 2.519pt" width="20%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Net
amount</FONT></B>&nbsp;</TD>
    <TD width="1%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,170,786</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9,899,727</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>25,179,626</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>10,408,261</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,593,891</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>8,717,184</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>90,712</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>57,060,187</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 70.9pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>During the year ended December 31, 2017, the Company
capitalized as direct own costs $ 869.7 million.</FONT></P>
<P style="MARGIN: 0in 0in 0pt 70.9pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P>
<TABLE style="WIDTH: 100%" cellSpacing=0 border=0>

  <TR>
    <TD width="40%"></TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="20%"></TD>
    <TD width="40%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="40%" align=left>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="20%" align=left></TD>
    <TD width="40%" align=center><FONT size=1 face=Verdana,Arial,Helvetica,sans-serif>Vease nuestro informe de
      fecha</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="40%" align=left>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="20%" align=left></TD>
    <TD width="40%" align=center><FONT size=1 face=Verdana,Arial,Helvetica,sans-serif>9 de agosto de
  2017</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="40%" align=left>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="20%" align=left></TD>
    <TD width="40%" align=center><B><FONT size=1 face=Verdana-Bold,Arial,Helvetica,sans-serif>PRICE WATERHOUSE &amp; CO.
      S.R.L.</FONT></B>&nbsp;</TD></TR>
  <TR>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="40%" align=left>&nbsp;</TD>
    <TD width="20%" align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 116.16pt" width="40%" align=right><FONT size=1 face=Verdana,Arial,Helvetica,sans-serif>(Socio)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="40%" align=center><B><FONT size=1 face=Verdana-Bold,Arial,Helvetica,sans-serif>DANIEL
    ABELOVICH</FONT></B>&nbsp;</TD>
    <TD width="20%" align=center><B><FONT size=1 face=Verdana-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD width="40%" align=center><B><FONT size=1 face=Verdana-Bold,Arial,Helvetica,sans-serif>C.P.C.E.C.A.B.A. T&#186; 1 F&#186;
      17</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P>
<P style="MARGIN: 0in 0in 10pt">&nbsp;</P>
<DIV></DIV>
<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face=Arial>44</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_49></A>
<a name="_bclHeader49"></a><DIV>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: -49.65pt" align=center></P>
<DIV align=left>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD>
      <DIV>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL
      STATEMENTS</FONT></B></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt"><FONT color=#a6a6a6 face=arial,sans-serif><FONT size=+0><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></FONT><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P></DIV></TD></TR></TABLE></DIV><FONT style="POSITION: relative"></FONT><FONT lang=PT-BR></FONT></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt; TEXT-INDENT: -49.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 10 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Financial
instruments</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt; TEXT-INDENT: -49.65pt"><STRONG><FONT size=2 face=Arial></FONT></STRONG>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Nota 10.1 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Financial instruments by category</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt" align=center>&nbsp;</P>
<TABLE style="WIDTH: 100%" cellSpacing=0 border=0>

  <TR>
    <TD width="49%"></TD>
    <TD width="12%"></TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%"></TD>
    <TD width="12%"></TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%"></TD>
    <TD width="12%"></TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%"></TD>
    <TD width="12%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="49%" align=left>&nbsp;</TD>
    <TD width="12%" align=center>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center></TD>
    <TD width="12%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Financial</FONT></B>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD width="12%" align=center>&nbsp;</TD>
    <TD width="1%" align=center></TD>
    <TD width="12%" align=center>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="49%" align=left>&nbsp;</TD>
    <TD width="12%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Financial</FONT></B>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD width="12%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>assets at
    fair</FONT></B>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD width="12%" align=center>&nbsp;</TD>
    <TD width="1%" align=center></TD>
    <TD width="12%" align=center>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="49%" align=left>&nbsp;</TD>
    <TD width="12%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>assets at</FONT></B>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD width="12%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>value
    through</FONT></B>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD width="12%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Non-financial</FONT></B>&nbsp;</TD>
    <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD width="12%" align=center>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="49%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>amortized
    cost</FONT></B>&nbsp;</TD>
    <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>profit or
    loss</FONT></B>&nbsp;</TD>
    <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>assets</FONT></B>&nbsp;</TD>
    <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 2.276pt" width="49%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>As of December 31,
      2018</FONT></B>&nbsp;</TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 2.276pt" width="49%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Assets</FONT></B>&nbsp;</TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="49%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Trade receivables</FONT>&nbsp;</TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>7,587,906</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>7,587,906</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="49%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Other receivables</FONT>&nbsp;</TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>954,407</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>88,451</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,042,858</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="49%" align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>Cash and cash
      equivalents</FONT></I>&nbsp;</TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 11.382pt" width="49%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Cash and Banks</FONT>&nbsp;</TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>27,608</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>27,608</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="49%" align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>Financial assets at fair
      value through profit or</FONT></I>&nbsp;</TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="49%" align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>loss:</FONT></I>&nbsp;</TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 11.382pt" width="49%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Government bonds</FONT>&nbsp;</TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>3,285,799</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>3,285,799</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 11.382pt" width="49%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Derivative financial
      instruments</FONT>&nbsp;</TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 11.382pt" width="49%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Money market funds</FONT>&nbsp;</TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>95,751</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>95,751</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="49%" align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>Financial assets at
      amortized cost:</FONT></I>&nbsp;</TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 11.382pt" width="49%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Time deposits</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,208,770</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,208,770</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 2.276pt" width="49%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9,778,691</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,381,550</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>88,451</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>13,248,692</FONT></B>&nbsp;</TD></TR>
  <TR>
    <TD width="100%" colSpan=8>&nbsp;</TD></TR>
  <TR>
    <TD width="100%" colSpan=8>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 2.276pt" width="49%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>As of December 31,
      2017</FONT></B>&nbsp;</TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 2.276pt" width="49%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Assets</FONT></B>&nbsp;</TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="49%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Trade receivables</FONT>&nbsp;</TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>8,385,237</FONT>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>8,385,237</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="49%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Other receivables</FONT>&nbsp;</TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>249,780</FONT>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>88,667</FONT>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>20,448</FONT>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>358,895</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="49%" align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>Cash and cash
      equivalents</FONT></I>&nbsp;</TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=left>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 11.382pt" width="49%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Cash and Banks</FONT>&nbsp;</TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>120,053</FONT>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>120,053</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 11.382pt" width="49%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Checks to be
    deposited</FONT>&nbsp;</TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>2,296</FONT>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>2,296</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 11.382pt" width="49%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Money market funds</FONT>&nbsp;</TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="49%" align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>Financial assets at fair
      value through profit or</FONT></I>&nbsp;</TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="49%" align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>loss:</FONT></I>&nbsp;</TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 11.382pt" width="49%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Government bonds</FONT>&nbsp;</TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,829,888</FONT>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,829,888</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 11.382pt" width="49%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Derivative financial
      instruments</FONT>&nbsp;</TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>2,448,120</FONT>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>2,448,120</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="49%" align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>Financial assets at fair
      value</FONT></I>&nbsp;</TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 11.382pt" width="49%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Government bonds</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>16,978</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>16,978</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 2.276pt" width="49%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>8,774,344</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4,366,675</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>20,448</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>13,161,467</FONT></B>&nbsp;</TD></TR>
  <TR>
    <TD width="100%" colSpan=8>&nbsp;</TD></TR>
  <TR>
    <TD width="100%" colSpan=8>&nbsp;</TD></TR>
  <TR>
    <TD width="100%" colSpan=8>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="49%" align=left>&nbsp;</TD>
    <TD width="12%" align=center>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center></TD>
    <TD width="12%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Financial</FONT></B>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD width="12%" align=center>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center></TD>
    <TD width="12%" align=center>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="49%" align=left>&nbsp;</TD>
    <TD width="12%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Financial</FONT></B>&nbsp;</TD>
    <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD width="12%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>liabilities at
      fair</FONT></B>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD width="12%" align=center>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center></TD>
    <TD width="12%" align=center>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="49%" align=left>&nbsp;</TD>
    <TD width="12%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>liabilities
    at</FONT></B>&nbsp;</TD>
    <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD width="12%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>value
    through</FONT></B>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD width="12%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Non-financial</FONT></B>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD width="12%" align=center>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="49%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>amortized
    cost</FONT></B>&nbsp;</TD>
    <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>profit or
    loss</FONT></B>&nbsp;</TD>
    <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>liabilities</FONT></B>&nbsp;</TD>
    <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 2.276pt" width="49%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>As of December 31,
      2018</FONT></B>&nbsp;</TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 2.276pt" width="49%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Liabilities</FONT></B>&nbsp;</TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 2.276pt" width="49%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Trade payables</FONT>&nbsp;</TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>14,895,194</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>14,895,194</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 2.276pt" width="49%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Other payables</FONT>&nbsp;</TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>317,439</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>9,228,745</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>9,546,184</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 2.276pt" width="49%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Borrowings</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>8,269,920</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>8,269,920</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 2.276pt" width="49%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>23,482,553</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>-</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9,228,745</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>32,711,298</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 2.276pt" width="49%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>As of December 31,
      2017</FONT></B>&nbsp;</TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 2.276pt" width="49%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Liabilities</FONT></B>&nbsp;</TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 2.276pt" width="49%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Trade payables</FONT>&nbsp;</TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>13,933,226</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>13,933,226</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 2.276pt" width="49%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Other payables</FONT>&nbsp;</TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>490,188</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>8,966,695</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>9,456,883</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 2.276pt" width="49%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Borrowings</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>6,294,433</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>6,294,433</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 2.276pt" width="49%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>20,717,847</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>-</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>8,966,695</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>29,684,542</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt" align=center></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 49.65pt; TEXT-INDENT: -49.65pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Financial instruments categories have been determined
based on IFRS 9</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT size=+0></FONT><FONT lang=ES-AR style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt">&nbsp;</P>
<DIV></DIV>
<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face=Arial>45</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
&nbsp; <A name="page_50"></A>

<a name="_bclHeader50"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: -49.65pt" align=center></P>

<DIV align=left>

<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR>

   <TD>

   <DIV>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL STATEMENTS</FONT></B></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt"><FONT color=#a6a6a6 face=arial,sans-serif><FONT><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P></DIV></TD></TR></TABLE></DIV><FONT style="POSITION: relative"></FONT><FONT lang=PT-BR></FONT></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The income, expenses, gains and losses resulting from each category of financial instruments are as follow:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt" align=center>&nbsp;</P>

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



<TR>

   <TD width="62%"></TD>

   <TD width="12%"></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%"></TD>

   <TD width="12%"></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%"></TD>

   <TD width="12%"></TD></TR>

<TR vAlign=bottom>

   <TD width="62%" align=left>&nbsp;</TD>

   <TD width="12%" align=center>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center></TD>

   <TD width="12%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Financial assets</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="12%" align=center>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="62%" align=left>&nbsp;</TD>

   <TD width="12%" align=center>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center></TD>

   <TD width="12%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>at fair value</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="12%" align=center>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="62%" align=left>&nbsp;</TD>

   <TD width="12%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Financial assets</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="12%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>through profit or</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="12%" align=center>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="62%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>at amortized cost</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>loss</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="62%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>As of December 31, 2018</FONT></B>&nbsp;</TD>

   <TD width="12%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="12%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="12%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="62%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Interest income</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>671,783</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>671,783</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="62%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Exchange differences</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>2,365,593</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>2,365,593</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="62%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Bank fees and expenses</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(8,509)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(8,509)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="62%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Changes in fair value of financial assets</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>746,532</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>746,532</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="62%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Adjustment to present value</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(327)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(327)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="62%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,028,540</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>746,532</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,775,072</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="62%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="12%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="12%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="12%" align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="62%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>As of December 31, 2017</FONT></B>&nbsp;</TD>

   <TD width="12%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="12%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="12%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="62%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Interest income</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>453,804</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>453,804</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="62%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Exchange differences</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>229,100</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>229,100</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="62%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Bank fees and expenses</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(2,883)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(2,883)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="62%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Changes in fair value of financial assets</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>474,896</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>474,896</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="62%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Adjustment to present value</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(431)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(431)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="62%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>679,590</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>474,896</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: medium none" width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,154,486</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="62%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="12%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="12%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="12%" align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="62%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>As of December 31, 2016</FONT></B>&nbsp;</TD>

   <TD width="12%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="12%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="12%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="62%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Interest income</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>362,558</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>362,558</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="62%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Exchange differences</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>178,191</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>5,830</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>184,021</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="62%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Bank fees and expenses</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(5,928)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(5,928)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="62%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Changes in fair value of financial assets</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>781,486</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>781,486</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="62%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Adjustment to present value</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(485)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>5,799</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>5,314</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="62%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>534,336</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>793,115</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,327,451</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="62%" align=left></TD>

   <TD width="12%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="12%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="12%" align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="62%" align=left>&nbsp;</TD>

   <TD width="12%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="12%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Financial</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="12%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="62%" align=left>&nbsp;</TD>

   <TD width="12%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Financial</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="12%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>liabilities at fair</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="12%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="62%" align=left>&nbsp;</TD>

   <TD width="12%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>liabilities at</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="12%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>value through</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="12%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="62%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>amortized cost</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>profit or loss</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="62%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>As of December 31, 2018</FONT></B>&nbsp;</TD>

   <TD width="12%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="12%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="12%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="62%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Interest expense</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(4,968,210)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(4,968,210)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="62%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Other financial results</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(86,098)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(86,098)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="62%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Exchange differences</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(5,496,362)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(5,496,362)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.758pt" width="62%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(10,550,670)</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>-</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(10,550,670)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="62%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="12%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="12%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="12%" align=left></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.758pt" width="62%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>As of December 31, 2017</FONT></B>&nbsp;</TD>

   <TD width="12%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="12%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="12%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="62%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Interest expense</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(2,567,373)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(2,567,373)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="62%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Other financial results</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(78,877)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(78,877)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="62%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Exchange differences</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(793,157)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(793,157)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.758pt" width="62%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(3,439,407)</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>-</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(3,439,407)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="62%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="12%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="12%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="12%" align=left></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.758pt" width="62%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>As of December 31, 2016</FONT></B>&nbsp;</TD>

   <TD width="12%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="12%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="12%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="62%" align=left><FONT size=1 face=Verdana,Arial,Helvetica,sans-serif>Interest expense</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(2,656,550)</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(2,656,550)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="62%" align=left><FONT size=1 face=Verdana,Arial,Helvetica,sans-serif>Other financial results</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(67,780)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(67,780)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="62%" align=left><FONT size=1 face=Verdana,Arial,Helvetica,sans-serif>Bank fees and expenses</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>77</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>77</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="62%" align=left><FONT size=1 face=Verdana,Arial,Helvetica,sans-serif>Exchange differences</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(953,730)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(953,730)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.758pt" width="62%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(3,677,983)</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>-</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(3,677,983)</FONT></B>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt" align=center></P>

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

<P></P><FONT lang=ES-AR style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>

<P></P>

<DIV></DIV>

<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face=Arial>46</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
&nbsp; <A name=page_51></A>
<DIV align=left>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD>
      <DIV>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL
      STATEMENTS</FONT></B></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt"><FONT color=#a6a6a6 face=arial,sans-serif><FONT size=+0><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></FONT><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P></DIV></TD></TR></TABLE><FONT lang=PT-BR><BR clear=all></FONT></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 70.9pt; TEXT-INDENT: -70.9pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Nota 10.2 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Credit quality of financial assets</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The credit quality of financial assets that are neither
past due nor impaired may be assessed based on external credit ratings or
historical information:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt" align=center>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;12.31.18 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;12.31.17 </FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;Customers with no external credit rating: </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>Group 1&nbsp; (i)&nbsp;&nbsp; </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,438,500
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,487,484
      </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;Group 2 (ii)&nbsp;&nbsp; </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      480,237 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      339,740 </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;Group 3 (iii)&nbsp;&nbsp; </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      669,169 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      558,013 </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;Total trade receivables&nbsp; </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,587,906
      </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8,385,237
      </FONT></B></P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 31.5pt; TEXT-INDENT: -31.5pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>(i)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>Relates to customers with debt to become due.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt; TEXT-INDENT: -42.55pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>(ii)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>Relates to customers with past due debt from 0 to 3
months.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt; TEXT-INDENT: -42.55pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>(iii)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>Relates to customers with past due debt from 3 to 12
months.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>At
the Statement of Financial Position date, the maximum exposure to credit risk is
the carrying amount of these financial assets.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt; TEXT-INDENT: -49.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 11 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman"> </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Other
receivables</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt; TEXT-INDENT: -49.65pt">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="56%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Note</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;12.31.18 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;12.31.17 </FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="56%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Non-current:</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="56%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      - </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      - </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="56%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Financial credit </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      30,484 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      54,661 </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="56%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Related parties</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;35.d </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      4,662 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      8,015 </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="56%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Advances to suppliers</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp; 37 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      765,595 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      - </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="56%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Total Non-current</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      800,741 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      62,676 </FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="56%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap align=right>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="56%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Current:</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap align=right>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="56%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Prepaid expenses</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      5,312 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      7,362 </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="56%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Advances to suppliers</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      81,440 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      9,791 </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="56%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Advances to personnel</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      1,700 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      3,293 </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="56%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Security deposits</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      16,695 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      15,249 </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="56%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Financial credit </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      58,425 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      17,159 </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="56%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Receivables from electric activities</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      98,390 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      169,157 </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="56%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Related parties</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;35.d </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      1,946 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      1,614 </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="56%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Guarantee deposits on derivative
      financial<BR>instruments</FONT></P></TD>
    <TD vAlign=bottom width="12%" align=right>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>- </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      88,667 </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="56%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Judicial deposits</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      30,482 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      23,795 </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="56%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Credit with SBS Bank Company&nbsp; </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>25,000 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      - </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="56%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Other</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      24 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      2 </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="56%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Allowance for the impairment of other
      receivables</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(77,297) </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (39,870) </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="56%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Total Current</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      242,117 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      296,219 </FONT></B></P></TD></TR></TABLE>&nbsp;</DIV>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The carrying amount of the Company&#8217;s other financial
receivables approximates their fair value.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The other non-current receivables are measured at
amortized cost, which does not differ significantly from their fair
value.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The roll
forward of the allowance for the impairment of other receivables is as
follows:</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="41%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="4%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;12.31.18 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;12.31.17 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;12.31.16 </FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="41%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Balance at beginning of year</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="4%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>39,870 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      51,236 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      32,712 </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="41%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Increase</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="4%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      61,467 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      - </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      18,524 </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="41%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Result from exposure to inlfation</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="4%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(24,040) </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      - </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      - </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="41%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Recovery</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="4%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      - </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (11,366) </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      - </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="41%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Balance at end of the period</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="4%">&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></B><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>77,297 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap align=right>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      39,870 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap align=right>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      51,236 </FONT></B></P></TD></TR></TABLE>&nbsp;</DIV>
<a name="_bclFooter51"></a><DIV><FONT face=georgia><FONT lang=ES-AR style="FONT-SIZE: 10pt" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>
<P></P>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT size=+0></FONT><FONT lang=ES-AR style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></DIV>
<DIV></DIV>
<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face=Arial>47</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_52></A>
<DIV align=left>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD>
      <DIV>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL
      STATEMENTS</FONT></B></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt"><FONT color=#a6a6a6 face=arial,sans-serif><FONT size=+0><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></FONT><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>
<a name="_bclHeader52"></a><DIV>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: -49.65pt" align=center></P>
<DIV align=left><FONT lang=PT-BR><BR clear=all></FONT>&nbsp;</DIV></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The aging analysis of these other receivables is as
follows:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="54%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;12.31.18 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;12.31.17 </FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="54%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Without expiry date</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 10pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      48,358 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 10pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      39,526 </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="54%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Past due</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 10pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      34,854 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 10pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      129,288 </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="54%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Up to 3 months </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="21%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 10pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      130,564 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="21%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 10pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      110,759 </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="54%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>From 3 to 6 months </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="21%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 10pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      20,415 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="21%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 10pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      8,418 </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="54%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>From 6 to 9 months </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="21%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 10pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      4,881 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="21%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 10pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      4,198 </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="54%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>From 9 to 12 months </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="21%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 10pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      3,045 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="21%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 10pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      4,030 </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="54%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>More than 12 months </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 10pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      800,741 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 10pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      62,676 </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="54%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Total other receivables</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,042,858
      </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      358,895 </FONT></B></P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>At
the Statement of Financial Position date, the maximum exposure to credit risk is
the carrying amount of each class of other receivables.&nbsp;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>The
carrying amount of the Company&#8217;s other receivables is denominated in Argentine
pesos.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt; TEXT-INDENT: -49.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 12 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman"> </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Trade
receivables</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;12.31.18 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;12.31.17 </FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Current:</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" noWrap>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Sales of electricity - Billed </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,622,701
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,359,990
      </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Sales of electricity &#8211; Unbilled</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,735,956
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,404,135
      </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Framework Agreement</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      10,377 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      230,953 </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Fee payable for the expansion of the transportation
      and others</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>22,969 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      33,952 </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Receivables in litigation</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      97,158 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      33,736 </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Allowance for the impairment of trade
      receivables</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(901,255) </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (677,529) </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Total Current</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,587,906
      </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap align=right>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8,385,237
      </FONT></B></P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0cm 0cm 10pt">&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 14.15pt 0pt 0in; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>The
carrying amount of the Company&#8217;s trade receivables approximates their fair
value.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>The
roll forward of the allowance for the impairment of trade receivables is as
follows:</FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 4.5pt" align=center>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="42%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;12.31.18 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;12.31.17 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;12.31.16 </FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="42%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Balance at beginning of year</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>677,529 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      383,439 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="18%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      146,238 </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="42%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Change of accounting standard (Note 6) - Adjustment
      by model of expected losses IFRS 9</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>82,041 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      - </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      - </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="42%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Balance at beginning of year restated</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>759,570 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap align=right>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      383,439 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap align=right>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      146,238 </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="42%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Increase</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      916,036 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      391,615 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="18%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      388,339 </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="42%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Decrease</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (307,137) </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (64,348) </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="18%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (56,062) </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="42%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Result from exposure to inlfation</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(467,214) </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (33,177) </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="18%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (95,076) </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="42%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Balance at end of the period</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></B><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>901,255 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap align=right>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      677,529 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap align=right>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      383,439 </FONT></B></P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 71.45pt; TEXT-INDENT: -36.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The aging analysis of these trade receivables is as
follows:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 71.45pt; TEXT-INDENT: -36.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="51%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="4%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;12.31.18 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;12.31.17 </FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="51%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Not due</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="4%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 10pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      10,377 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 10pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      230,953 </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="51%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Past due</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="4%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 10pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,149,406
    </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 10pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      897,752 </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="51%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Up to 3 months</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="4%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="19%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 10pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,428,123
    </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="5%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 10pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,256,532
    </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="51%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Total other receivables</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="4%">&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,587,906
      </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%" noWrap align=right>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8,385,237
      </FONT></B></P></TD></TR></TABLE>&nbsp;</DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>At
the Statement of Financial Position date, the maximum exposure to credit risk is
the carrying amount of each class of trade receivables.&nbsp;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>The
carrying amount of the Company&#8217;s trade receivables is denominated in Argentine
pesos.</FONT></P>
<a name="_bclFooter52"></a><DIV>&nbsp;<FONT face=georgia><FONT lang=ES-AR style="FONT-SIZE: 10pt" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>
<P></P>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT size=+0></FONT><FONT lang=ES-AR style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></DIV>
<DIV></DIV>
<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face=Arial>48</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
&nbsp; <A name="page_53"></A>

<DIV align=left>

<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR>

   <TD>

   <DIV>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL STATEMENTS</FONT></B></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt"><FONT color=#a6a6a6 face=arial,sans-serif><FONT><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

<a name="_bclHeader53"></a><DIV>

<DIV align=left><FONT lang=PT-BR></FONT>&nbsp;</DIV></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>Sensitivity analysis of the allowance for impairment of trade receivables:</FONT></P>

<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 49.65pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=georgia>-</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>5% increase in the uncollectibility rate estimate</FONT></I></P>

<P style="MARGIN: 0in 14.15pt 0pt 14.2pt; TEXT-INDENT: 107.3pt">&nbsp;</P>

<DIV align=left>

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



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="62%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;12.31.18 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="62%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Contingencies</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 10pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 946,318 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="62%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>change</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 10pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45,063 </FONT></P></TD></TR></TABLE></DIV>

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

<P style="MARGIN: 0in 0in 0pt 49.65pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=georgia>-</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>5% decrease in the uncollectibility rate estimate</FONT></I></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 14.15pt 0pt 0pt; TEXT-INDENT: -21.95pt" align=center>&nbsp;</P>

<DIV align=left>

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



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="62%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;12.31.18 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="62%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Contingencies</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 10pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 856,192 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="62%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>change</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 10pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (45,063) </FONT></P></TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt; TEXT-INDENT: -49.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 13 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman"> </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Financial assets at fair value through profit or loss</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>

<DIV align=left>

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



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="47%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;12.31.18 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;12.31.17 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="47%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="19%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="19%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="47%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Current</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="19%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="19%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="47%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Government bonds</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,285,799 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,829,888 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="47%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Money market funds </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95,751 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,448,120 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="47%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Total current </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="19%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,381,550 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="19%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,278,008 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 71.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#76923c face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 71.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#76923c face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt; TEXT-INDENT: -49.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 14 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman"> </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Financial assets at amortized cost</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in" align=center>&nbsp;</P>

<DIV align=left>

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



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="47%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;12.31.18 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;12.31.17 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="47%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Non-current</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="19%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="19%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="47%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Current</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="19%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="19%" align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="47%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Government bonds</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="19%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="19%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16,978 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="47%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif><BR>Time deposits</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="19%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,208,770 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="19%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="47%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Total Current </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="19%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,208,770 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="19%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16,978 </FONT></B></P></TD></TR></TABLE><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#76923c face=arial,sans-serif></FONT></B></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#76923c face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt; TEXT-INDENT: -49.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 15 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Inventories</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; TEXT-INDENT: 14.2pt" align=center>&nbsp;</P>

<DIV align=left>

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



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="50%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12.31.18</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12.31.17</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Current</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="4%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="21%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="4%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="21%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Supplies and spare-parts</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="4%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="21%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,252,292 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="4%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="21%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 589,339 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Advance to suppliers</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="4%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="21%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,507 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="4%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="21%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60,241 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Total inventories</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="21%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,259,799 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="4%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="21%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 649,580 </FONT></B></P></TD></TR></TABLE><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#76923c face=arial,sans-serif></FONT></B></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; TEXT-INDENT: 14.2pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#76923c face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt; TEXT-INDENT: -49.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 16 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman"> </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Cash and cash equivalents</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 71.45pt">&nbsp;</P>

<DIV align=left>

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



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="51%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;12.31.18 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;12.31.17 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="51%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Cash and banks</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27,608 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="4%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 122,349 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="51%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Total cash and cash equivalents</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>27,608 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="4%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 122,349 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT lang=PT-BR style="FONT-SIZE: 11pt; LINE-HEIGHT: 115%" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 71.45pt"></P>

<P style="MARGIN: 0in 0in 10pt"><FONT face=georgia><FONT lang=ES-AR style="FONT-SIZE: 10pt" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT></P>

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<P></P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT><FONT lang=ES-AR style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></DIV>

<DIV></DIV>

<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face=Arial>49</FONT></P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

&nbsp; <A name="page_54"></A>

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   <TD>

   <DIV>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL STATEMENTS</FONT></B></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt"><FONT color=#a6a6a6 face=arial,sans-serif><FONT><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: -49.65pt" align=center></P>

<DIV align=left>&nbsp;</DIV>

<DIV align=left><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 17 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman"> </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Share capital and additional paid-in capital</FONT></B></DIV></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center>&nbsp;</P>

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



<TR>

   <TD vAlign=top width="44%">&nbsp;</TD>

   <TD vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;Share capital </FONT></B></P></TD>

   <TD vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;Additional paid-in capital </FONT></B></P></TD>

   <TD vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;Total </FONT></B></P></TD></TR>

<TR>

   <TD vAlign=top width="44%">&nbsp;</TD>

   <TD vAlign=bottom width="3%">&nbsp;</TD>

   <TD vAlign=bottom width="16%" align=right>&nbsp;</TD>

   <TD vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD vAlign=bottom width="16%" align=right>&nbsp;</TD>

   <TD vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD vAlign=bottom width="15%" align=right>&nbsp;</TD></TR>

<TR>

   <TD vAlign=bottom width="44%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Balance at December 31, 2016</FONT></B></P></TD>

   <TD vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; 18,197,583 </FONT></B></P></TD>

   <TD vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 183,604 </FONT></B></P></TD>

   <TD vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; 18,381,187 </FONT></B></P></TD></TR>

<TR>

   <TD vAlign=bottom width="44%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Payment of Other reserve constitution - Share-bases compensation plan (Note 25)</FONT></P></TD>

   <TD vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>- </FONT></B></P></TD>

   <TD vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46,317 </FONT></P></TD>

   <TD vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46,317 </FONT></B></P></TD></TR>

<TR>

   <TD vAlign=bottom width="44%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Balance at December 31, 2017</FONT></B></P></TD>

   <TD vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; 18,197,583 </FONT></B></P></TD>

   <TD vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 229,921 </FONT></B></P></TD>

   <TD vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; 18,427,504 </FONT></B></P></TD></TR>

<TR>

   <TD vAlign=bottom width="44%">&nbsp;</TD>

   <TD vAlign=bottom width="3%">&nbsp;</TD>

   <TD vAlign=bottom width="16%" align=right>&nbsp;</TD>

   <TD vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD vAlign=bottom width="16%" align=right>&nbsp;</TD>

   <TD vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD vAlign=bottom width="15%" align=right>&nbsp;</TD></TR>

<TR>

   <TD vAlign=bottom width="44%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Payment of Other reserve constitution - Share-bases compensation plan (Note 25)</FONT></P></TD>

   <TD vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>- </FONT></B></P></TD>

   <TD vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10,700 </FONT></P></TD>

   <TD vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10,700 </FONT></B></P></TD></TR>

<TR>

   <TD vAlign=bottom width="44%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Balance at December 31, 2018</FONT></B></P></TD>

   <TD vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; 18,197,583 </FONT></B></P></TD>

   <TD vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 240,621 </FONT></B></P></TD>

   <TD vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; 18,438,204 </FONT></B></P></TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>As of December 31, 2018, the Company&#8217;s share capital amounts to 906,455,100 shares, divided into 462,292,111 common, book-entry Class A shares with a par value of one peso each and the right to one vote per share; 442,210,385 common, book-entry Class B shares with a par value of one peso each and the right to one vote per share; and 1,952,604 common, book-entry Class C shares with a par value of one peso each and the right to one vote per share.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>No changes have occurred in the Company&#8217;s Share Capital structure in the last three fiscal years.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Listing of the Company&#8217;s shares</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The Company&#8217;s shares are listed on the Buenos Aires Stock Exchange and are part of the Merval Index.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Furthermore, with the SEC&#8217;s prior approval, the Company&#8217;s ADSs, each representing 20 common shares of the Company, began to be traded on the NYSE as from April 24, 2007.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The listing of ADSs on the NYSE is part of the Company&#8217;s strategic plan to increase both its liquidity and the volume of its shares.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>Acquisition of the Company&#8217;s own shares</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The Company&#8217;s Board of Directors, at its meeting of December 4, 2018, approved the acquisition of the Company&#8217;s own shares in accordance with both section 64 of Law 26,831 and the regulations of the National Securities Commission (CNV), under the following main terms and conditions: </FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 92.25pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=wingdings>&#167;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp; </FONT><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Maximum amount to be invested</FONT></U><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>: up to $ 800,000,000;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 92.25pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=wingdings>&#167;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The treasury stock may not exceed, as a whole, the limit of 10% of share capital;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 92.25pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=wingdings>&#167;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp; </FONT><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Price to be paid for the shares</FONT></U><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>: up to a maximum of USD 30 per ADR in the New York Stock Exchange, or the equivalent amount in pesos at USD 1.5 per share in Bolsas y Mercados Argentinos S.A.;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 92.25pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=wingdings>&#167;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The acquisitions will be made with realized and liquid profits;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 92.25pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=wingdings>&#167;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The shares may be acquired for a term of 120 calendar days to commence on December 5, 2018.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 150%" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 10pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 115%" face=Calibri,sans-serif></FONT>&nbsp;</P>

<a name="_bclFooter54"></a><DIV>&nbsp;<FONT face=georgia><FONT lang=ES-AR style="FONT-SIZE: 10pt" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT>

<P></P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT><FONT lang=ES-AR style="FONT-SIZE: 11pt" face=Calibri,sans-serif>&nbsp;</FONT></P></DIV>

<DIV></DIV>

<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face=Arial>50</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
&nbsp; <A name=page_55></A>
<DIV align=left>
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  <TR>
    <TD>
      <DIV>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL
      STATEMENTS</FONT></B></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt"><FONT color=#a6a6a6 face=arial,sans-serif><FONT size=+0><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></FONT><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>
<a name="_bclHeader55"></a><DIV>
<DIV align=left>&nbsp;</DIV></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>In
this framework, on December 31, 2018, the Company acquired 15,590,860 Class B
own shares of 1 peso nominal value, for $858.7 million in cash ($1.1 billion in
constant currency), with the actual distribution of $ 858.7 million.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.35pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>As
of December 31, 2018, the Company&#8217;s treasury shares amount to 23,385,028, and
are disclosed as &#8220;treasury stock&#8221;. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Moreover, a total of 1,618,332,269 shares were awarded to
executive directors and managers as additional remuneration for special
processes developed during fiscal year 2016. (Note 25).</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Furthermore, and subsequent to the closing date of these
financial statements, the Company has acquired, in successive market
transactions, 5,570,480 Class B own shares of 1 peso nominal value for a total
of $ 289.6 million.</FONT></P>
<P style="MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt; TEXT-INDENT: -49.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 18 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman"> </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Allocation of
profits</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Clause 7.4 of the Adjustment Agreement provided that
during the Transition period the Company could not distribute dividends without
the Regulatory Entity&#8217;s prior authorization. This transition period ended on
January 31, 2017 with the implementation of the RTI, ENRE Resolution No. 63/17.
Therefore, in the Company&#8217;s opinion there exists no regulatory restriction on
the distribution of dividends.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>If
the Company&#8217;s Level of Indebtedness were higher than 3, the negative covenants
included in the Corporate Notes program, which establish, among other issues,
the Company&#8217;s impossibility to make certain payments, such as dividends, would
apply.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt; TEXT-INDENT: -49.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 19 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman"> </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Trade
payables</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt; TEXT-INDENT: -49.65pt">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

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    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="49%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="18%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;12.31.18 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="18%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;12.31.17 </FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="49%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Non-current</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" align=right>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="49%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Customer guarantees</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      140,968 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      148,349 </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="49%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Customer contributions</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      112,324 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      118,095 </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="49%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Funding contributions - substations</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      32,925 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      89,262 </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="49%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Total Non-current</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      286,217 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      355,706 </FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="49%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" align=right>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="49%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Current</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" align=right>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="49%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Payables for purchase of electricity - CAMMESA
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>4,080,310 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,499,302
      </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="49%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Provision for unbilled electricity purchases -
      CAMMESA</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>7,828,458 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,715,431
      </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="49%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Suppliers</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,426,016
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,995,697
      </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="49%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Advance to customer </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      196,485 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      220,111 </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="49%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Customer contributions</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      15,288 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      27,706 </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="49%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Discounts to customers</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      37,372 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      55,182 </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="49%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Funding contributions - substations</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      17,215 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      12,380 </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="49%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Related parties </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;35.d </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      7,833 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      51,711 </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="49%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Total Current</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14,608,977
      </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13,577,520
      </FONT></B></P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The fair values of non-current customer contributions as
of December 31, 2018 and 2017 amount to $ 107.7 million and $ 141.3 million,
respectively. The fair values are determined based on estimated cash flows
discounted at a representative market rate for this type of transactions. The
applicable fair value category is Level 3 category.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The carrying amount of the rest of the financial
liabilities included in the Company&#8217;s trade payables approximates their fair
value.</FONT></P>
<P style="MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT></B>&nbsp;</P>
<a name="_bclFooter55"></a><DIV>&nbsp;<FONT face=georgia><FONT lang=ES-AR style="FONT-SIZE: 10pt" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>
<P></P>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT size=+0></FONT><FONT lang=ES-AR style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></DIV>
<DIV></DIV>
<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face=Arial>51</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_56></A>
<DIV align=left>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD>
      <DIV>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL
      STATEMENTS</FONT></B></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt"><FONT color=#a6a6a6 face=arial,sans-serif><FONT size=+0><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></FONT><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>
<a name="_bclHeader56"></a><DIV>
<DIV align=left>&nbsp;</DIV>
<DIV align=left><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 20 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman"> </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;Other payables</FONT></B></DIV></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="49%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="9%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Note</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="18%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;12.31.18 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="18%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;12.31.17 </FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="49%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Non-current</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="9%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="49%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Loans (mutuum) with CAMMESA</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,282,176
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,783,474
      </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="49%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>ENRE penalties and discounts</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,097,402
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,737,612
      </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="49%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Liability with FOTAE</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      207,371 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      280,813 </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="49%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Payment
      agreements with ENRE </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      37,196 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      108,069 </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="49%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Total Non-current</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,624,145
      </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8,909,968
      </FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="49%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" align=right>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="49%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Current</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" align=right>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="49%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>ENRE penalties and discounts</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,835,590
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      425,563 </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="49%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Related parties</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;35.d </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      7,571 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      7,756 </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="49%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Advances for works to be performed</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="9%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>13,577 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      20,046 </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="49%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Payment agreements with ENRE </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="9%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      65,301 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      93,550 </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="49%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Total Current</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,922,039
      </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      546,915 </FONT></B></P></TD></TR></TABLE><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The carrying
amount of the Company&#8217;s other financial payables approximates their fair
value.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt; TEXT-INDENT: -49.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 21 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Deferred
revenue</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;12.31.18 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;12.31.17 </FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Non-current</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Nonrefundable customer contributions</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      275,437 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      287,384 </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Total Non-current</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      275,437 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" align=right>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      287,384 </FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%" align=right>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;12.31.18 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;12.31.17 </FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Current</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Nonrefundable customer contributions</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      5,346 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      4,961 </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Total Current</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      5,346 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" align=right>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      4,961 </FONT></B></P></TD></TR></TABLE><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 7.1pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt; TEXT-INDENT: -49.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 22 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman"> </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Borrowings</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt; TEXT-INDENT: -49.65pt">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="52%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;12.31.18 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;12.31.17 </FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Non-current</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="5%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="52%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Corporate notes (1)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,249,967
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="5%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,812,465
      </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="52%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Borrowing</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      942,500 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,376,829
      </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Total non-current</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,192,467
      </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,189,294
      </FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="5%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Current</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="5%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="52%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Interest from corporate notes</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      110,019 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="5%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      91,896 </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="52%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Borrowing</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      967,434 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="5%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      13,243 </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Total current</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,077,453
      </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="5%">&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      105,139 </FONT></B></P></TD></TR></TABLE><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>(1)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>Net of debt issuance, repurchase and redemption
expenses.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>On
October 11, 2017, the Company was granted a 36-month term loan by the Industrial
and Commercial Bank of China Dubai (ICBC) Branch, for an amount of USD 50
million. The proceeds of the loan will be used to finance the Company&#8217;s
investment plan and working capital. Furthermore, it must be pointed out that
such loan constitutes an &#8220;Allowed Indebtedness&#8221; within the limits stipulated in
the Corporate Notes due 2022.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclFooter56"></a><DIV>&nbsp;<FONT face=georgia><FONT lang=ES-AR style="FONT-SIZE: 10pt" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>
<P></P>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT size=+0></FONT><FONT lang=ES-AR style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></DIV>
<DIV></DIV>
<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face=Arial>52</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_57></A>
<DIV align=left>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD>
      <DIV>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL
      STATEMENTS</FONT></B></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt"><FONT color=#a6a6a6 face=arial,sans-serif><FONT size=+0><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></FONT><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>
<a name="_bclHeader57"></a><DIV>
<DIV align=left>&nbsp;</DIV></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The fair values of the Company&#8217;s non-current borrowings
(Corporate Notes) as of December 31, 2018 and 2017 amount approximately to $ 6.5
billion and $ 5.3 billion, respectively. Such values were determined on the
basis of the estimated market price of the Company&#8217;s Corporate Notes at the end
of each year. The applicable fair value category is Level 1 category.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The Company&#8217;s borrowings are denominated in the following
currencies:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12.31.18</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12.31.17</FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>US dollars </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8,269,920
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="5%" align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,294,433
      </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="52%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8,269,920
      </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="5%" align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,294,433
      </FONT></B></P></TD></TR></TABLE><FONT lang=PT-BR style="FONT-SIZE: 11pt; LINE-HEIGHT: 115%" face=Calibri,sans-serif></FONT></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The maturities of the Company&#8217;s borrowings and its
exposure to interest rate are as follow:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="52%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12.31.18</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12.31.17</FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="52%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Fixed rate</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="5%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Less than 1 year </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      110,019 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="5%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      91,896 </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>From 2 to 5 years</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,249,967
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="5%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,812,465
      </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="52%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Total Fixed rate</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,359,986
      </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,904,361
      </FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="52%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="5%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Variable rate</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="5%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Less than 1 year </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      967,434 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="5%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      13,244 </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>From 1 to 2 years</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      942,500 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="5%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      688,414 </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>From 2 to 5 years</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      - </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="5%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      688,414 </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="52%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Total Variable rate</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,909,934
      </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,390,072
      </FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8,269,920
      </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,294,433
      </FONT></B></P></TD></TR></TABLE><FONT lang=PT-BR style="FONT-SIZE: 11pt; LINE-HEIGHT: 115%" face=Calibri,sans-serif></FONT></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The roll forward of the Company&#8217;s borrowings during the
year was as follows:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="41%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12.31.18</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="4%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12.31.17</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12.31.16</FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="41%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Balance at beginnig of the year</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></B><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>6,294,433 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,202,452
      </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,224,330
      </FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="41%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Proceeds from borrowings </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      - </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,285,946
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      - </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="41%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Payment of borrowings' interests </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (652,667) </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (418,494) </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (529,227) </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="41%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Repurchase of Corporate Notes by the
    trust</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>- </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      - </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (9,683) </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="41%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Paid from repurchase of Corporate Notes
    </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(375,520) </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      - </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (441,462) </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="41%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Gain from repurchase of Corporate Notes
    </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(4,539) </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      - </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (84) </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="41%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Exchange diference and interest accrued
    </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>6,134,425 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,252,327
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,604,325
      </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="41%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Result from exposure to inlfation</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(3,126,212) </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,027,798)
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,645,747)
      </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="41%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;Balance at the end of period
</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></B><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>8,269,920 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,294,433
      </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,202,452
      </FONT></B></P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0cm 0cm 10pt">&nbsp;<FONT face=georgia><FONT lang=ES-AR style="FONT-SIZE: 10pt" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT></P>
<a name="_bclFooter57"></a><DIV>
<P></P>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT size=+0></FONT><FONT lang=ES-AR style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></DIV>
<DIV></DIV>
<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face=Arial>53</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_58></A>
<DIV align=left>
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      <DIV>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL
      STATEMENTS</FONT></B></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt"><FONT color=#a6a6a6 face=arial,sans-serif><FONT size=+0><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></FONT><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P></DIV></TD></TR></TABLE>&nbsp;<FONT lang=PT-BR><BR clear=all></FONT></DIV>
<P style="TEXT-ALIGN: left; MARGIN: 0in" align=left><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Corporate Notes
programs</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>The
Company is included in a Corporate Notes program, the relevant information of
which is detailed below:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: 35.45pt"><I><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>Debt
issued in United States dollars </FONT></U></I></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt">&nbsp;</P>
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    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="39%" colSpan=6 noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Million of USD</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Million of $</FONT></B></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Corporate Notes</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Class</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Rate</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Year of Maturity</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Debt structure at 12.31.17</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Debt repurchase </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Debt structure at 12.31.18</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>At 12.31.18</FONT></B></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Fixed Rate Par Note</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="6%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>9</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="10%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>9.75</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="10%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>2022</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="10%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      171.87 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="11%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(10.22) </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="12%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>161.65 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="11%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      6,249.78 </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Total</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="6%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="10%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="10%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="3%" align=right>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="10%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      171.87 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" align=right>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="11%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(10.22) </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" align=right>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="12%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>161.65 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" align=right>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="11%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      6,249.78 </FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="6%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="3%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="10%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="3%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="10%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="3%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="10%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="11%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="12%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="11%" noWrap align=right>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="6%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="3%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="10%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="3%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="10%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="3%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="10%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="11%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="12%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="11%" noWrap align=right>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="39%" colSpan=6 noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Million of USD</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Million of $</FONT></B></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Corporate Notes</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Class</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Rate</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Year of Maturity</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Debt structure at 12.31.16</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Debt repurchase</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Debt structure at 12.31.17</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>At 12.31.17</FONT></B></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Fixed Rate Par Note</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="6%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>9</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="10%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>9.75</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="10%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>2022</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="10%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      171.87 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="11%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>- </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="12%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>171.87 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="11%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      3,259.22 </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Total</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="6%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="10%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="10%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="3%" align=right>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="10%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      171.87 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" align=right>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="11%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>- </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" align=right>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="12%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>171.87 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" align=right>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="11%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      3,259.22 </FONT></B></P></TD></TR></TABLE><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: 35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>The
main covenants are the following:</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt; TEXT-INDENT: -49.65pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>i.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Negative Covenants</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>The
terms and conditions of the Corporate Notes include a number of negative
covenants that limit the Company&#8217;s actions with regard to, among others, the
following:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt; TEXT-INDENT: -7.1pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>- encumbrance or authorization to encumber its property or
assets;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt; TEXT-INDENT: -7.1pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>- incurrence of indebtedness, in certain specified
cases;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt; TEXT-INDENT: -7.1pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>- sale of the Company&#8217;s assets related to its main
business;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt; TEXT-INDENT: -7.1pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>- carrying out of transactions with shareholders or
related companies; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt; TEXT-INDENT: -7.1pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>- making certain payments (including, among others,
dividends, purchases of </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>edenor</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&#8217;s common shares or payments on subordinated
debt).</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt; TEXT-INDENT: -49.65pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>ii.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Suspension of Covenants:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>Certain negative covenants stipulated in the terms and
conditions of the Corporate Notes will be suspended or adapted if:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt; TEXT-INDENT: -7.1pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>- the Company&#8217;s long-term debt rating is raised to
Investment Grade, or the Company&#8217;s Level of Indebtedness is equal to or lower
than 3.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt; TEXT-INDENT: -7.1pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>- If the Company subsequently losses its Investment Grade
rating or its Level of Indebtedness is higher than 3, as applicable, the
suspended negative covenants will be once again in effect.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>At
the date of issuance of these financial statements, the previously mentioned
ratios have been complied with.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>In
fiscal year 2018, the Company repurchased at market prices, in successive
transactions, </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&#8220;Fixed Rate Class 9 Par </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Corporate
Notes&#8221; due 2022, for an amount of USD 10.2 million nominal value.</FONT></P>
<P style="MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT></B>&nbsp;</P>
<a name="_bclFooter58"></a><DIV>&nbsp;<FONT face=georgia><FONT lang=ES-AR style="FONT-SIZE: 10pt" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>
<P></P>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT size=+0></FONT><FONT lang=ES-AR style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></DIV>
<DIV></DIV>
<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face=Arial>54</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_59></A>
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<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD>
      <DIV>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL
      STATEMENTS</FONT></B></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt"><FONT color=#a6a6a6 face=arial,sans-serif><FONT size=+0><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></FONT><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>
<a name="_bclHeader59"></a><DIV>
<DIV align=left><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif></FONT></B>&nbsp;</DIV>
<DIV align=left><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 23 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman"> </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Salaries and
social security taxes payable</FONT></B></DIV></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 7.1pt 0pt 53.45pt; TEXT-INDENT: -0.25in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>a.</FONT></I></B><B><I><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Salaries and social security taxes payable</FONT></I></P>
<P style="MARGIN: 0in 7.1pt 0pt 53.45pt">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="51%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="21%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;12.31.18 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="4%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="21%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;12.31.17 </FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="51%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Non-current</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="21%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="4%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="21%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="51%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Early retirements payable</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="21%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      14,884 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="4%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="21%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      4,960 </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="51%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Seniority-based bonus</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="21%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      147,853 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="4%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="21%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      171,719 </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="51%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Total non-current</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="21%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      162,737 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="4%" align=right>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="21%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      176,679 </FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="51%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="21%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="4%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="21%" align=right>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="51%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Current</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="21%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="4%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="21%" align=right>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="51%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Salaries payable and provisions</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="21%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,581,241
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="4%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="21%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,571,228
      </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="51%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Social security payable</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="21%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      151,137 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="4%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="21%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      223,165 </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="51%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Early retirements payable</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="21%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      10,248 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="4%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="21%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      7,099 </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="51%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Total current</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="21%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,742,626
      </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="4%" align=right>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="21%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,801,492
      </FONT></B></P></TD></TR></TABLE><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></DIV>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The carrying amount of the Company&#8217;s salaries and social
security taxes payable approximates their fair value.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 7.1pt 0pt 53.45pt; TEXT-INDENT: -0.25in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>b.</FONT></I></B><B><I><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></I></B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Salaries and
social security taxes charged to profit or loss</FONT></I></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="40%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;12.31.18 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;12.31.17 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;12.31.16 </FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Salaries</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,336,533
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,897,440
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      5,006,596 </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Social security taxes</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,686,430
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,904,559
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      1,947,009 </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Total salaries and social security
      taxes</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></B><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>6,022,963 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,801,999
      </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      6,953,605 </FONT></B></P></TD></TR></TABLE><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Early retirements payable correspond to individual
optional agreements. After employees reach a specific age, the Company may offer
them this option. The related accrued liability represents future payment
obligations which as of December 31, 2018 and 2017 amount to $ </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>10.2 million </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>and $ 7.1 million (current) and </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>$ 14.9
million </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>and $ 5 million (non-current),
respectively.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>The seniority-based bonus included in collective
bargaining agreements in effect consists of a bonus to be granted to personnel
with a certain amount of years of service. As of December 31, </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>2018 and 2017,</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>
the related liabilities amount to $ </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>147.8 million
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>and $ 171.7 million, respectively.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>As of December 31, 2018 and 2017, the number of employees
amounts </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>to</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>
4,878 and 4,789, respectively.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 21.3pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 21.3pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT></B>&nbsp;</P>
<a name="_bclFooter59"></a><DIV>&nbsp;<FONT face=georgia><FONT lang=ES-AR style="FONT-SIZE: 10pt" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>
<P></P>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT size=+0></FONT><FONT lang=ES-AR style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></DIV>
<DIV></DIV>
<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face=Arial>55</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_60></A>
<DIV align=left>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD>
      <DIV>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL
      STATEMENTS</FONT></B></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt"><FONT color=#a6a6a6 face=arial,sans-serif><FONT size=+0><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></FONT><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>
<a name="_bclHeader60"></a><DIV>
<DIV align=left>&nbsp;</DIV>
<DIV align=left><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 24 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman"> </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Benefit
plans</FONT></B></DIV></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>The defined benefit plans granted to Company employees
consist of a bonus for all the employees who have the necessary years of service
and have made the required contributions to retire under ordinary retirement
plans.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>The amounts and conditions vary in accordance with the
collective bargaining agreement and for non-unionized personnel.</FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="54%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="21%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12.31.18</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="4%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="21%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12.31.17</FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="54%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Non-current</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="21%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      385,098 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="4%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="21%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      477,765 </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="54%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Current </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="21%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      32,365 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="4%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="21%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      46,375 </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="54%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Total Benefit plans</FONT></B></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="21%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      417,463 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" align=right>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="21%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      524,140 </FONT></B></P></TD></TR></TABLE><FONT lang=PT-BR style="FONT-SIZE: 11pt; LINE-HEIGHT: 115%" face=Calibri,sans-serif></FONT></DIV>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>The detail of the benefit plan obligations as of December
31, 2018 and 2017 is as follows:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="54%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="21%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12.31.18</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="4%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="21%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12.31.17</FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="54%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Benefit payment obligations at
    beginning</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="21%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>524,140 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="4%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="21%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      442,170 </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="54%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Current service cost</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="21%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      32,904 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="4%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="21%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      42,500 </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="54%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Interest cost</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="21%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      79,304 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="4%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="21%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      126,954 </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="54%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Actuarial losses</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="21%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      5,638 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="4%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="21%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (22,219) </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="54%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Result from exposure to inflation for the
      year</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="21%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(169,169) </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="4%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="21%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (8,692) </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="54%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Benefits paid to participating
    employees</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="21%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(55,354) </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="4%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="21%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (56,573) </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="54%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Benefit payment obligations at period
      end</FONT></B></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></B><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>417,463 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" align=right>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      524,140 </FONT></B></P></TD></TR></TABLE><FONT lang=PT-BR style="FONT-SIZE: 11pt; LINE-HEIGHT: 115%" face=Calibri,sans-serif></FONT></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>As of December 31, 2018 and 2017, the Company does not
have any assets related to post-retirement benefit plans.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>The detail of the charge recognized in the Statement of
Comprehensive Income is as follows:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="42%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12.31.18</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12.31.17</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="18%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12.31.16</FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="42%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Cost</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      32,904 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      42,500 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      46,320 </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="42%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Interest</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      79,304 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      126,954 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      163,431 </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="42%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Actuarial results - Other comprehensive
      loss</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>5,638 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (22,219) </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (15,555) </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="42%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      117,846 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      147,235 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="18%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      194,196 </FONT></B></P></TD></TR></TABLE><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The actuarial assumptions used are based on market
interest rates for Argentine government bonds, past experience, and the Company
Management&#8217;s best estimate of future economic conditions. Changes in these
assumptions may affect the future cost of benefits and obligations. The main
assumptions used are as follow:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt">&nbsp;</P>
<DIV align=left>
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  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="54%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="21%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12.31.18</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="4%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="21%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12.31.17</FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="54%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Discount rate</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>5%</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="4%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>5%</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="54%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Salary increase</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>1%</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="4%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>1%</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="54%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Inflation</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>31%</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="4%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>18%</FONT></P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0cm 0cm 10pt">&nbsp;</P>
<a name="_bclFooter60"></a><DIV>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></DIV>
<DIV></DIV>
<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face=Arial>56</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_61></A>
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    <TD>
      <DIV>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL
      STATEMENTS</FONT></B></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt"><FONT color=#a6a6a6 face=arial,sans-serif><FONT size=+0><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></FONT><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>
<a name="_bclHeader61"></a><DIV>
<DIV align=left><FONT style="POSITION: relative"></FONT><FONT lang=PT-BR><BR clear=all></FONT>&nbsp;</DIV></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Sensitivity analysis</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 99.25pt">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="53%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="4%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12.31.2018</FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="53%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Discount Rate: 4%</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="4%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="53%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Obligation</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>459,651</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="53%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Variation</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>42,188</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="53%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>10%</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="53%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" align=right>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="53%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Discount Rate: 6%</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" align=right>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="53%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Obligation</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>381,587</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="53%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Variation</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(35,876)</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="53%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(9%)</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="53%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="53%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Salary Increase : 0%</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="53%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Obligation</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>379,992</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="53%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Variation</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(37,471)</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="53%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(9%)</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="53%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" align=right>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="53%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Salary Increase: 2%</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" align=right>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="53%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Obligation</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>460,939</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="53%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Variation</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>43,476</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="53%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>10%</FONT></P></TD></TR></TABLE><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 70.9pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The expected payments of benefits are as
follow</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="25%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;In 2019 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;In 2020 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;In 2021 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;In 2022 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;In 2023 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;Between 2022 to 2028 </FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>At December 31, 2018</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="11%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="11%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="11%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="11%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="11%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Benefit payment obligations</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      32,365 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      6,221 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      6,207 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      6,450 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      2,059 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      11,128 </FONT></P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Estimates based on actuarial techniques imply the use of
statistical tools, such as the so-called demographic tables used in the
actuarial valuation of the Company&#8217;s active personnel.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>In order to determine the mortality of the Company&#8217;s
active personnel, the &#8220;1971 Group Annuity Mortality&#8221; table has been used. In
general, a mortality table shows for each age group the probability that a
person in any such age group will die before reaching a predetermined age. Male
and female mortality tables are elaborated separately inasmuch as men and
women&#8217;s mortality rates are substantially different.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>In order to estimate total and permanent disability due to
any cause, 80% of the &#8220;1985 Pension Disability Study&#8221; table has been
used.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>In order to estimate the probability that the Company&#8217;s
active personnel will leave the Company or stay therein, the &#8220;ESA 77&#8221; table has
been used.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Liabilities related to the above-mentioned benefits have
been determined considering all the rights accrued by the beneficiaries of the
plans through the closing date of the year ended December 31, 2018.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>These benefits do not apply to key management
personnel.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 10pt"><FONT face=georgia><FONT lang=ES-AR style="FONT-SIZE: 10pt" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT size=+0></FONT><FONT lang=ES-AR style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></DIV>
<DIV></DIV>
<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face=Arial>57</FONT></P>
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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL STATEMENTS</FONT></B></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt"><FONT color=#a6a6a6 face=arial,sans-serif><FONT><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt; TEXT-INDENT: -49.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 25 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman"> </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The Company&#8217;s Share-based Compensation Plan</FONT></B></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>In 2016, the Company&#8217;s Board of Directors proposed that the treasury shares be used for the implementation of a long-term incentive plan in favor of executive directors, managers or other personnel holding key executive positions in the Company in an employment relationship with the latter and those who in the future are invited to participate, in accordance with the provisions of section 67 of Law No. 26,831 on Capital Markets. The plan was ratified and approved by the ordinary and extraordinary shareholders&#8217; meeting held on April 18, 2017. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>At the date of issuance of these financial statements, the Company awarded a total of 1,618,332 shares to executive directors and managers as additional remuneration for their performance in special processes developed during fiscal years 2016 and 2017.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The fair value of the previously referred to shares at the award date, amounted to $ 49.4 million and has been recorded in the Salaries and social security taxes line item, with a contra account in Equity. The amount recorded in Equity is net of the tax effect.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt; TEXT-INDENT: -49.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 26 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman"> </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Income tax </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The analysis of deferred tax assets and liabilities is as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 0px; MARGIN-LEFT: 3.5pt" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12.31.17</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Result from exposure to inflation</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Charged to profit and loss</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Charged to other comprenhensive income</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12.31.18</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Deferred tax assets</FONT></I></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Inventories</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>13,454</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>(9,064)</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>(4,390)</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Trade receivables and other receivables</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>481,066</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>(371,025)</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>335,061</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>445,102</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Trade payables and other payables</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>424,670</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>757,645</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>772,447</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>1,954,762</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Salaries and social security taxes payable</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>(95,813)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>130,428</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>14,824</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>49,439</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Benefit plans</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>219,113</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>(128,800)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>13,980</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>1,691</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>105,984</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Tax liabilities</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>55,897</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>(43,540)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>3,274</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>15,631</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Provisions</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>(546,274)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>755,078</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>137,055</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>345,859</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Deferred tax asset</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>605,906</FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>1,036,929</FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>1,272,251</FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>1,691</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>2,916,777</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="25%">&nbsp;</TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Deferred tax liabilities:</FONT></I></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Property, plant and equipment</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>(7,466,457)</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>903151.1937</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>(4,184,856)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>(10,748,162)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Financial assets at fair value through profit or loss</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>(386,145)</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>374,867</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>(201,199)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>(212,477)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Borrowings</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>(43,454)</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>37,986</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>1,022</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>(4,446)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Deferred tax liability</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>(7,896,056)</FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>1,316,004</FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>(4,385,033)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>(10,965,085)</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">&nbsp;</TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Net deferred tax (liabilities) assets</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>(7,290,150)</FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>2,352,933</FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>(3,112,782)</FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>1,691</FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>(8,048,308)</FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">&nbsp;</TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12.31.16</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Result from exposure to inflation</FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

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

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Charged to profit and loss</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Charged to other comprenhensive income</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12.31.17</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Deferred tax assets</FONT></I></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Tax loss carryforward</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>6,160</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>(1,988)</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>49,620</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>53,792</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Inventories</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>7,520</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>(2,427)</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>8,361</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>13,454</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Trade receivables and other receivables</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>204,972</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>(66,156)</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>342,250</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>481,066</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Trade payables and other payables</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>1,659,011</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>(535,455)</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>(698,886)</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>424,670</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Salaries and social security taxes payable</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>36,176</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>(11,676)</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>(120,313)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>(95,813)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Benefit plans</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>154,759</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>(49,949)</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>121,519</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>(7,216)</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>219,113</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Tax liabilities</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>23,232</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>(7,498)</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>40,163</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>55,897</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Provisions</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>221,846</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>(71,602)</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>(696,518)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>(546,274)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Deferred tax asset</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>2,313,676</FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>(746,751)</FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>(953,803)</FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>(7,216)</FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>605,906</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="25%">&nbsp;</TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Deferred tax liabilities:</FONT></I></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Property, plant and equipment</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>(9,779,890)</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>3,027,954</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>(714,521)</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>(7,466,457)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Financial assets at fair value through profit or loss</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>(59,581)</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>19,230</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>(345,794)</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>(386,145)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Borrowings</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>(12,424)</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>4,010</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>(35,040)</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>(43,454)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Deferred tax liability</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>(9,851,895)</FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>3,051,194</FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>(1,095,355)</FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>(7,896,056)</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">&nbsp;</TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Net deferred tax (liabilities) assets</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>(7,538,219)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>2,304,443</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>(2,049,158)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>(7,216)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>(7,290,150)</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT lang=PT-BR style="FONT-SIZE: 11pt; LINE-HEIGHT: 115%" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P></P><FONT></FONT><FONT lang=ES-AR style="FONT-SIZE: 11pt" face=Calibri,sans-serif>&nbsp;</FONT>

<P></P>

<DIV></DIV>

<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face=Arial>58</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
&nbsp; <A name=page_63></A>
<DIV align=left>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD>
      <DIV>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL
      STATEMENTS</FONT></B></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt"><FONT color=#a6a6a6 face=arial,sans-serif><FONT size=+0><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></FONT><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>
<a name="_bclHeader63"></a><DIV>
<DIV align=left>&nbsp;&nbsp;<FONT lang=PT-BR><BR clear=all></FONT>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="49%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12.31.18</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12.31.17</FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="49%">
      <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Deferred tax assets:</FONT></I></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" align=right>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="49%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>To be recover in less than 12 moths</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>2,310,153</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>669,450</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="49%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>To be recover in more than 12 moths</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>606,624</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>1,756,314</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="49%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Deferred tax asset</FONT></B></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>2,916,777</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%" align=right>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>2,425,764</FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="49%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" align=right>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="49%">
      <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Deferred tax liabilities:</FONT></I></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" align=right>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="49%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>To be recover in less than 12 moths</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(1,966,173)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(2,740,288)</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="49%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>To be recover in more than 12 moths</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(8,998,912)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(6,975,626)</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="49%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Deferred tax liability</FONT></B></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(10,965,085)</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%" align=right>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(9,715,914)</FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="49%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" align=right>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="49%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Net deferred tax assets
    (liabilities)</FONT></B></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(8,048,308)</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%" align=right>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(7,290,150)</FONT></B></P></TD></TR></TABLE><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></DIV></DIV></DIV>
<P style="MARGIN: 0in 0in 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The detail of the income tax expense for the year includes
two effects: (i) the current tax for the year payable in accordance with the tax
legislation applicable to the Company; (ii) the effect of applying the deferred
tax method which recognizes the effect of the temporary differences arising from
the valuation of assets and liabilities for accounting and tax
purposes.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 11.25pt">
    <TD style="HEIGHT: 11.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="42%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12.31.18</FONT></B></P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="19%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12.31.17</FONT></B></P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="16%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12.31.16</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 11.25pt">
    <TD style="HEIGHT: 11.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="42%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Deferred tax</FONT></P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="17%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(759,849)</FONT></P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="19%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>255,285</FONT></P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.25pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>342,403</FONT></P></TD></TR>
  <TR style="HEIGHT: 12pt">
    <TD style="HEIGHT: 12pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="42%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Current tax</FONT></P></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="17%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(1,114,384)</FONT></P></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="19%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(760,641)</FONT></P></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(484,887)</FONT></P></TD></TR>
  <TR style="HEIGHT: 12pt">
    <TD style="HEIGHT: 12pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="42%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Difference between provision and tax
      return</FONT></P></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="17%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(3,163)</FONT></P></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="19%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(4,700)</FONT></P></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(4,786)</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="42%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Income tax expense</FONT></B></P></TD>
    <TD style="HEIGHT: 12.75pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.75pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="17%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(1,877,396)</FONT></B></P></TD>
    <TD style="HEIGHT: 12.75pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.75pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="19%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(510,056)</FONT></B></P></TD>
    <TD style="HEIGHT: 12.75pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.75pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(147,270)</FONT></B></P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><B><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Tax Reform in Argentina</FONT></U></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>On
December 29, 2017, the PEN enacted Law No. 27,430 &#8211; Income Tax. This Law has
introduced several amendments to the treatment of income tax, whose key
components are the following:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Income tax rate:</FONT></U><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif> The Income
tax rate for Argentine companies will be gradually reduced from 35% to 30% for
fiscal years beginning as from January 1, 2018 until December 31, 2019 and to
25% for fiscal years beginning on or after January 1, 2020.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Dividend withholding tax:</FONT></U><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif> A tax is
introduced on dividends or profits distributed, among others, by Argentine
companies or permanent establishments to: individuals, undivided estates or
foreign beneficiaries, with the following considerations: (i) dividends deriving
from profits generated during fiscal years beginning as from January 1, 2018
until December 31, 2019 &nbsp;will be subject to a withholding of 7%; and (ii)
dividends arising from profits obtained in fiscal years beginning on or after
January 1, 2020 will be subject to a 13% withholding. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The dividends arising from benefits obtained until the
fiscal year prior to that beginning as from January 1, 2018 will continue to be
subject, for all the beneficiaries thereof, to the 35% withholding on the amount
exceeding the non-taxable distributable cumulative income (transition period of
the equalization tax).</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Optional tax revaluation:</FONT></U><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif> The law
establishes that the Companies will have the option of carrying out a
revaluation for tax purposes of the assets located in the country that generate
taxable income. The special tax on the amount of the revaluation depends on the
asset, amounting to 8% for real property not regarded as inventories, to 15% for
real property regarded as inventories, and to 10 % for personal property and all
other assets. If the option is exercised for a certain asset, all the other
assets of the same category must be revalued. The tax result arising from the
revaluation is not subject to income tax, and the special tax on the amount of
the revaluation will not be deductible from such tax. The Company is currently
analyzing the impacts of the aforementioned option.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclFooter63"></a><DIV>&nbsp;<FONT face=georgia><FONT lang=ES-AR style="FONT-SIZE: 10pt" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT size=+0></FONT><FONT lang=ES-AR style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></DIV>
<DIV></DIV>
<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face=Arial>59</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_64></A>
<DIV align=left>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD>
      <DIV>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL
      STATEMENTS</FONT></B></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt"><FONT color=#a6a6a6 face=arial,sans-serif><FONT size=+0><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></FONT><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>
<a name="_bclHeader64"></a><DIV>
<DIV align=left><FONT lang=PT-BR><BR clear=all></FONT>&nbsp;</DIV></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Adjustment of deductions:</FONT></U><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif> Acquisitions
or investments made in fiscal years beginning on or after January 1, 2018 will
be adjusted on the basis of the IPIM&#8217;s percentage variations published by the
INDEC. This situation will increase the deductible amortization and its tax
deductible cost in case of sale.</FONT></P>
<P style="MARGIN: 0in 0in 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclFooter64"></a><DIV>&nbsp;<FONT face=georgia><FONT lang=ES-AR style="FONT-SIZE: 10pt" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>
<P></P>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT size=+0></FONT><FONT lang=ES-AR style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></DIV>
<DIV></DIV>
<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face=Arial>60</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_65></A>
<DIV align=left>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD>
      <DIV>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL
      STATEMENTS</FONT></B></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt"><FONT color=#a6a6a6 face=arial,sans-serif><FONT size=+0><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></FONT><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>
<a name="_bclHeader65"></a><DIV>
<DIV align=left>&nbsp; <FONT lang=PT-BR><BR clear=all>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12.31.18</FONT></B></P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12.31.17</FONT></B></P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12.31.16</FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="40%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Profit for the year before taxes</FONT></P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>6,174,862</FONT></P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>5,590,691</FONT></P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>388,041</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Applicable tax rate</FONT></P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>30%</FONT></P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>35%</FONT></P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>35%</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Loss for the year at the tax rate</FONT></B></P></TD>
    <TD vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(1,852,459)</FONT></B></P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(1,956,742)</FONT></B></P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(135,814)</FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="40%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Gain (Loss) from interest in joint
      ventures</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>560</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(6)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(3)</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="40%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Non-taxable income </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>220,769</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>115,661</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>138,040</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Other</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(1,007,010)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>902,631</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(144,707)</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="40%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Difference between provision and tax
      return</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(3,163)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(4,700)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(4,786)</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Change in the income tax rate (1)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>763,907 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>433,100</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Income tax expense</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(1,877,396)</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(510,056)</FONT></B></P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(147,270)</FONT></B></P></TD></TR></TABLE></DIV>
<DIV align=left>&nbsp;</DIV></FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></DIV></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 35.45pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>(1)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Refers to
the effect of applying to deferred tax assets and liabilities the changes in
income tax rates in accordance with the previously detailed tax reform on the
basis of the year in which they are expected to be realized/settled.</FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The income
tax payable, net of withholdings is detailed below.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="55%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="19%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;12.31.18 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="4%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="19%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;12.31.17 </FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="55%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Current</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="19%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="4%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="19%" align=right>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="55%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Tax payable 2017</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="19%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,114,384
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="4%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="19%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      760,641 </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="55%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Total Tax payable</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="19%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,114,384
      </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="4%" align=right>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="19%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      760,641 </FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Tax withholdings</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="19%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (497,058) </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="4%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="19%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (71,550) </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="55%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Total current</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="19%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      617,326 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="4%" align=right>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="19%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      689,091 </FONT></B></P></TD></TR></TABLE><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt; TEXT-INDENT: -49.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 27 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman"> </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Tax
liabilities</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt; TEXT-INDENT: -49.65pt">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=bottom width="55%">&nbsp;</TD>
    <TD vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="19%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12.31.18</FONT></B></P></TD>
    <TD vAlign=bottom width="4%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="19%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12.31.17</FONT></B></P></TD></TR>
  <TR>
    <TD vAlign=bottom width="55%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Non-current</FONT></B></P></TD>
    <TD vAlign=bottom width="3%">&nbsp;</TD>
    <TD vAlign=bottom width="19%">&nbsp;</TD>
    <TD vAlign=bottom width="4%">&nbsp;</TD>
    <TD vAlign=bottom width="19%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width="55%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Current</FONT></B></P></TD>
    <TD vAlign=bottom width="3%">&nbsp;</TD>
    <TD vAlign=bottom width="19%" align=right>&nbsp;</TD>
    <TD vAlign=bottom width="4%" align=right>&nbsp;</TD>
    <TD vAlign=bottom width="19%" align=right>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width="55%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Provincial, municipal and federal contributions and
      taxes</FONT></P></TD>
    <TD vAlign=bottom width="3%">&nbsp;</TD>
    <TD vAlign=bottom width="19%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>130,445 </FONT></P></TD>
    <TD vAlign=bottom width="4%" align=right>&nbsp;</TD>
    <TD vAlign=bottom width="19%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      587,723 </FONT></P></TD></TR>
  <TR>
    <TD vAlign=bottom width="55%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>VAT payable</FONT></P></TD>
    <TD vAlign=bottom width="3%">&nbsp;</TD>
    <TD vAlign=bottom width="19%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      412,547 </FONT></P></TD>
    <TD vAlign=bottom width="4%" align=right>&nbsp;</TD>
    <TD vAlign=bottom width="19%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      728,173 </FONT></P></TD></TR>
  <TR>
    <TD width="55%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Tax withholdings</FONT></P></TD>
    <TD vAlign=bottom width="3%">&nbsp;</TD>
    <TD vAlign=bottom width="19%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      127,121 </FONT></P></TD>
    <TD vAlign=bottom width="4%" align=right>&nbsp;</TD>
    <TD vAlign=bottom width="19%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      131,091 </FONT></P></TD></TR>
  <TR>
    <TD width="55%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>SUSS withholdings</FONT></P></TD>
    <TD width="3%">&nbsp;</TD>
    <TD vAlign=bottom width="19%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      7,435 </FONT></P></TD>
    <TD vAlign=bottom width="4%" align=right>&nbsp;</TD>
    <TD vAlign=bottom width="19%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      5,190 </FONT></P></TD></TR>
  <TR>
    <TD vAlign=bottom width="55%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Municipal taxes</FONT></P></TD>
    <TD vAlign=bottom width="3%">&nbsp;</TD>
    <TD vAlign=bottom width="19%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      106,117 </FONT></P></TD>
    <TD vAlign=bottom width="4%" align=right>&nbsp;</TD>
    <TD vAlign=bottom width="19%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      101,082 </FONT></P></TD></TR>
  <TR>
    <TD vAlign=bottom width="55%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Tax regularization plan </FONT></P></TD>
    <TD vAlign=bottom width="3%">&nbsp;</TD>
    <TD vAlign=bottom width="19%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      380 </FONT></P></TD>
    <TD vAlign=bottom width="4%" align=right>&nbsp;</TD>
    <TD vAlign=bottom width="19%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      2,242 </FONT></P></TD></TR>
  <TR>
    <TD vAlign=bottom width="55%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Total Current</FONT></B></P></TD>
    <TD vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double" vAlign=bottom width="19%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      784,045 </FONT></B></P></TD>
    <TD vAlign=bottom width="4%" align=right>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double" vAlign=bottom width="19%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,555,501
      </FONT></B></P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0cm 0cm 10pt"><FONT lang=PT-BR style="FONT-SIZE: 11pt; LINE-HEIGHT: 115%" face=Calibri,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt; TEXT-INDENT: -49.65pt"></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=ES-AR style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P>
<DIV></DIV>
<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face=Arial>61</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_66></A>
<DIV align=left>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD>
      <DIV>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL
      STATEMENTS</FONT></B></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt"><FONT color=#a6a6a6 face=arial,sans-serif><FONT size=+0><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></FONT><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>
<a name="_bclHeader66"></a><DIV>
<DIV align=left><FONT lang=PT-BR></FONT>&nbsp;</DIV></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 43.1pt; TEXT-INDENT: -43.1pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 28 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman"> </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Leases</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt 35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 71.45pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Lessee</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>The features that these leases have in common are that
payments (installments) are established as fixed amounts; there are neither
purchase option clauses nor renewal term clauses (except for the lease contract
of the Energy Handling and Transformer Center that has an automatic renewal
clause for the term thereof); and there are prohibitions such as: transferring
or sub-leasing the building, changing its use and/or making any kind of
modifications thereto. All operating leases contracts have cancelable terms and
assignment periods of 2 to 13 years.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Among them the following can be mentioned: commercial
offices, two warehouses, the headquarters building (comprised of administration,
commercial and technical offices), the Energy Handling and Transformer Center
(two buildings and a plot of land located within the perimeter of Central Nuevo
Puerto and Puerto Nuevo) and Las Heras substation.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>As of December 31, 2018 and 2017, future minimum payments
with respect to operating assignments of use are as follow:</FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="47%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12.31.18</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12.31.17</FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="47%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>2018</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      - </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      124,503 </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="47%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>2019</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      155,454 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      124,626 </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="47%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>2020</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      138,048 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      52,194 </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="47%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>2021</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      102,515 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      4,597 </FONT></P></TD></TR>
  <TR>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="47%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Total future minimum lease
payments</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></B><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>396,017 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" align=right>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      305,920 </FONT></B></P></TD></TR></TABLE><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Total expenses for operating assignments of use for the
years ended December 31, 2018, 2017 nad 2016 are as follow:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="39%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12.31.18</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12.31.17</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12.31.16</FONT></B></P></TD></TR>
  <TR>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: black 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="39%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Total lease expenses</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: black 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="18%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>125,157</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" align=right>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: black 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="18%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>126,098</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" align=right>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: black 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>126,193</FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" align=right>&nbsp;</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 71.45pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Lessor</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>The Company has entered into operating leases contracts
with certain cable television companies granting them the right to use the poles
of the Company&#8217;s network. Most of these contracts include automatic renewal
clauses.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>As of December 31, 2018 and 2017, future minimum
collections with respect to operating leases are as follow:</FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="48%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12.31.18</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12.31.17</FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="48%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>2018</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      - </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      202,143 </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="48%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>2019</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      173,619 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      193,812 </FONT></P></TD></TR>
  <TR>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="48%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Total future minimum lease
    collections</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></B><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>173,619 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" align=right>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      395,955 </FONT></B></P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0cm 0cm 10pt"><FONT lang=PT-BR style="FONT-SIZE: 11pt; LINE-HEIGHT: 115%" face=Calibri,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Total income from operating leases for the years ended
December 31, 2018, 2017 and 2016 is as follows</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>:</FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt" align=center>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="39%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12.31.18</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12.31.17</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12.31.16</FONT></B></P></TD></TR>
  <TR>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="39%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Total lease income</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>190,370</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" align=right>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>212,265</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" align=right>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>199,431</FONT></B></P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0cm 0cm 10pt"><FONT lang=PT-BR style="FONT-SIZE: 11pt; LINE-HEIGHT: 115%" face=Calibri,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt" align=center></P>
<P style="MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT></B>&nbsp;</P>
<a name="_bclFooter66"></a><DIV><FONT face=georgia><FONT lang=ES-AR style="FONT-SIZE: 10pt" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>
<P></P>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT size=+0></FONT><FONT lang=ES-AR style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></DIV>
<DIV></DIV>
<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face=Arial>62</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_67></A>
<DIV align=left>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD>
      <DIV>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL
      STATEMENTS</FONT></B></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt"><FONT color=#a6a6a6 face=arial,sans-serif><FONT size=+0><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></FONT><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>
<a name="_bclHeader67"></a><DIV>
<DIV align=left>&nbsp;</DIV></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt; TEXT-INDENT: -49.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 29 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman"> </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Provisions</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: -40.5pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;Non-current liabilities </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;Current liabilities </FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="44%" colSpan=3 noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;Contingencies </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;At 12.31.16 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      504,038 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap align=right>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      129,808 </FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Increases</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      411,975 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      130,389 </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Decreases</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (4) </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (58,930) </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Result from exposure to inflation for the
      year</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(32,890) </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (10,409) </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;At 12.31.17 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      883,119 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap align=right>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      190,858 </FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Increases</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      472,067 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      252,030 </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Decreases</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (85,662) </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (239,585) </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Result from exposure to inflation for the
      year</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(199,374) </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (15,868) </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;At 12.31.18 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,070,150
      </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap align=right>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      187,435 </FONT></B></P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0cm 0cm 10pt">&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt; TEXT-INDENT: -49.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 30 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman"> </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Revenue from
sales</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt; TEXT-INDENT: -49.65pt">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="43%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>
    <TD style="BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;12.31.18 </FONT></B></P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="4%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;12.31.17 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>
    <TD style="BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;12.31.16 </FONT></B></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="43%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Sales of electricity </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55,689,651
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="4%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39,329,729
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      25,576,978 </FONT></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="43%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Right of use on poles</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>190,370 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="4%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      212,265 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      213,449 </FONT></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="43%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Connection charges</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      51,105 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="4%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      49,369 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      30,893 </FONT></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="43%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Reconnection charges</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      22,523 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="4%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      11,505 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      5,439 </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="43%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Total Revenue from sales</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55,953,649
      </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="4%" align=right>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39,602,868
      </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      25,826,759 </FONT></B></P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt; TEXT-INDENT: -49.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 31 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman"> </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Expenses by
nature</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The detail of expenses by nature is as follows:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; TEXT-INDENT: 7.1pt">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Description </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;Transmission and distribution expenses
      </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;Selling&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      expenses </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;Administrative expenses </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;Total </FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Salaries and social security taxes </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>4,331,442 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      777,014 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      914,507 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      6,022,963 </FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Pension plans</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      80,695 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      14,476 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      17,037 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      112,208 </FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Communications expenses</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      81,110 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      269,674 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      16,017 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      366,801 </FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Allowance for the impairment of trade and other
      receivables</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>- </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      977,503 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      - </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      977,503 </FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Supplies consumption </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      790,392 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      - </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      122,623 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      913,015 </FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Leases and insurance&nbsp; </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      530 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      - </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      180,218 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      180,748 </FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Security service</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      136,656 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      2,027 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      128,699 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      267,382 </FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Fees and remuneration for services</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>1,411,812 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      1,040,164 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      1,007,152 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      3,459,128 </FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Public relations and marketing</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      - </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      - </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      32,246 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      32,246 </FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Advertising and sponsorship </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      - </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      - </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      16,612 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      16,612 </FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Reimbursements to personnel </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      60 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      68 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      498 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      626 </FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Depreciation of property, plants
      and<BR>equipments</FONT></P></TD>
    <TD vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>2,014,887 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      300,255 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      246,357 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      2,561,499 </FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Directors and Supervisory Committee <BR>members&#8217;
      fees </FONT></P></TD>
    <TD vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>- </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      - </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      21,893 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      21,893 </FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>ENRE penalties (1)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      2,064,330 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      1,052,135 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      - </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      3,116,465 </FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Taxes and charges </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      - </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      598,908 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      162,549 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      761,457 </FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Other</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      808 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      457 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      5,719 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      6,984 </FONT></B></P></TD></TR>
  <TR>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>At 12.31.18</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      10,912,722 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      5,032,681 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      2,872,127 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      18,817,530 </FONT></B></P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The expenses included in the chart above are net of the
Company&#8217;s own expenses capitalized in Property, plant and equipment as of
December 31, 2018 for $ 1 billion.</FONT></P>
<P style="MARGIN: 0in 0in 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclFooter67"></a><DIV>
<P></P>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT size=+0></FONT><FONT lang=ES-AR style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></DIV>
<DIV></DIV>
<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face=Arial>63</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_68></A>
<DIV align=left>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD>
      <DIV>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL
      STATEMENTS</FONT></B></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt"><FONT color=#a6a6a6 face=arial,sans-serif><FONT size=+0><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></FONT><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>
<a name="_bclHeader68"></a><DIV>
<DIV align=left><FONT lang=PT-BR><BR clear=all></FONT>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Description </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;Transmission and distribution expenses
      </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;Selling&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      expenses </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;Administrative expenses </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;Total </FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Salaries and social security taxes </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>4,997,823 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      886,976 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      917,200 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      6,801,999 </FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Pension plans</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      124,507 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      22,097 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      22,850 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      169,454 </FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Communications expenses</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      55,281 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      289,371 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      22,804 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      367,456 </FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Allowance for the impairment of trade and other
      receivables</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>- </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      391,615 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      - </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      391,615 </FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Supplies consumption </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      687,199 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      - </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      109,780 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      796,979 </FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Leases and insurance&nbsp; </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      653 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      - </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      182,024 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      182,677 </FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Security service</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      130,263 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      1,797 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      141,231 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      273,291 </FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Fees and remuneration for services</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>1,081,974 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      876,612 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      820,225 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      2,778,811 </FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Public relations and marketing</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      - </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      - </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      56,659 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      56,659 </FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Advertising and sponsorship </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      - </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      - </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      29,187 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      29,187 </FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Reimbursements to personnel </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      89 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      55 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      827 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      971 </FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Depreciation of property, plants and<BR>equipments
      </FONT></P></TD>
    <TD vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>1,740,231 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      275,125 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      132,733 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      2,148,089 </FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Directors and Supervisory Committee<BR>members&#8217; fees
      </FONT></P></TD>
    <TD vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>- </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      - </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      21,429 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      21,429 </FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>ENRE penalties</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      428,049 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      428,663 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      - </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      856,712 </FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Taxes and charges </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      - </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      395,263 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      32,011 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      427,274 </FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Other</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      996 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      264 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      15,546 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      16,806 </FONT></B></P></TD></TR>
  <TR>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>At 12.31.17</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      9,247,065 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      3,567,838 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      2,504,506 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      15,319,409 </FONT></B></P></TD></TR></TABLE></DIV>
<DIV align=left>&nbsp;</DIV></DIV></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt; TEXT-INDENT: -21.25pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(1)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Transmission
and distribution expenses include recovery for $ 719.8 million net of the charge
for the year for $ 1.6 billion.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The expenses included in the chart above are net of the
Company&#8217;s own expenses capitalized in Property, plant and equipment as of
December 31, 2017 for $ 869.7 million.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Description </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;Transmission and distribution expenses
      </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;Selling&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      expenses </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;Administrative expenses </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;Total </FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Salaries and social security taxes </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>5,104,795 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      861,097 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      987,713 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      6,953,605 </FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Pension plans</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      142,590 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      24,053 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      27,589 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      194,232 </FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Communications expenses</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      49,817 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      251,381 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      20,318 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      321,516 </FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Allowance for the impairment of trade and other
      receivables</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>- </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      433,371 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      - </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      433,371 </FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Supplies consumption </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      513,318 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      - </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      64,249 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      577,567 </FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Leases and insurance&nbsp; </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      870 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      - </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      173,973 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      174,843 </FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Security service</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      134,404 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      22,855 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      85,461 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      242,720 </FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Fees and remuneration for services</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>897,754 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      923,607 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      771,520 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      2,592,881 </FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Public relations and marketing</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      - </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      - </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      - </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      - </FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Advertising and sponsorship </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      - </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      - </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      - </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      - </FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Reimbursements to personnel </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      1,821 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      343 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      1,520 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      3,684 </FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Depreciation of property, plants and<BR>equipments
      </FONT></P></TD>
    <TD vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>1,739,293 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      301,301 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      106,647 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      2,147,241 </FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Directors and Supervisory Committee<BR>members&#8217; fees
      </FONT></P></TD>
    <TD vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>- </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      - </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      11,937 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      11,937 </FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>ENRE penalties</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      4,677,844 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      367,907 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      - </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      5,045,751 </FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Taxes and charges </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      - </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      193,081 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      27,088 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      220,169 </FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Other</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      1,351 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      265 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      10,022 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      11,638 </FONT></B></P></TD></TR>
  <TR>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>At 12.31.16</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      13,263,857 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      3,379,261 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      2,288,037 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      18,931,155 </FONT></B></P></TD></TR></TABLE><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The expenses included in the chart above are net of the
Company&#8217;s own expenses capitalized in Property, plant and equipment as of
December 31, 2017 for $ 602 million.</FONT></P>
<P style="MARGIN: 0in 0in 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclFooter68"></a><DIV>&nbsp;<FONT face=georgia><FONT lang=ES-AR style="FONT-SIZE: 10pt" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>
<P></P>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT size=+0></FONT><FONT lang=ES-AR style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></DIV>
<DIV></DIV>
<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face=Arial>64</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_69></A>
<DIV align=left>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD>
      <DIV>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL
      STATEMENTS</FONT></B></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt"><FONT color=#a6a6a6 face=arial,sans-serif><FONT size=+0><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></FONT><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>
<a name="_bclHeader69"></a><DIV>
<DIV align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</DIV></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt; TEXT-INDENT: -49.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 32 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman"> </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Other
operating expense, net</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt; TEXT-INDENT: -49.65pt">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="39%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;12.31.18 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;12.31.17 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;12.31.16 </FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="39%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Other operating income</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%" align=right>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="39%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Services provided to third parties</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>74,522 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      89,303 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      120,580 </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="39%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Commissions on municipal taxes
    collection</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>77,088 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      51,358 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      42,131 </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="39%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Related parties</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>35</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      44,303 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      4,263 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      921 </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="39%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Income from non-reimbursable customer
      <BR>contributions</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>5,574 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      4,372 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      1,520 </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="39%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Fines
      to suppliers&nbsp;&nbsp; (1)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      76,914 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      7,811 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      - </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="39%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Others</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      43,355 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      705 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      6,995 </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="39%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Total other operating income</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      321,756 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%" align=right>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      157,812 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      172,147 </FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="39%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%" align=right>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="39%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Other operating expense</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%" align=right>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="39%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Gratifications for services</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (74,266) </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (80,802) </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (69,678) </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="39%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Cost
      for services provided to third parties</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(52,429) </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (65,238) </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (98,328) </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="39%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Severance paid </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (16,645) </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (28,353) </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (31,243) </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="39%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Donatios and contributions </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (6) </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      - </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      - </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="39%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Debit
      and Credit Tax</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (594,750) </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (479,525) </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (306,892) </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="39%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Other
      expenses - FOCEDE</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (31,223) </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="39%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Provision for contingencies </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (724,097) </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (542,364) </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (301,808) </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="39%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Disposals of property, plant and equipment
      </FONT></P></TD>
    <TD vAlign=bottom width="7%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(134,455) </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (49,824) </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (244,456) </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="39%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Other</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (45,918) </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (14,398) </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (1,534) </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="39%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Total other operating expense</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,642,566)
      </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%" align=right>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,260,504)
      </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,085,162)
      </FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="39%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Other operating expense, net</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,320,810)
      </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%" align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,102,692)
      </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (913,015) </FONT></B></P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0pt 0pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>(1)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>Relates to fines applied to Suppliers for failing to
comply with agreed-upon contractual conditions.</FONT></P>
<P style="MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt; TEXT-INDENT: -49.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 33 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman"> </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Net financial
expense</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt; TEXT-INDENT: -49.65pt">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="42%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>
    <TD style="BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;12.31.18 </FONT></B></P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;12.31.17 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;12.31.16 </FONT></B></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="42%">
      <P style="MARGIN: 0cm 0cm 0pt"><U><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Financial income</FONT></U></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">&nbsp;</TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">
      <P style="MARGIN: 0cm 0cm 0pt"><U><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></U>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="42%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Commercial interest</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      273,457 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      177,655 </FONT></P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      262,536 </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="42%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Financial interest</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>398,326</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>276,149</FONT></P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      122,057 </FONT></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="42%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Total financial income</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>671,783</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>453,804</FONT></B></P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>384,593</FONT></B></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="42%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="42%">
      <P style="MARGIN: 0cm 0cm 0pt"><U><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Financial expenses</FONT></U></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></U>&nbsp;</P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="42%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Interest and other </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,987,092)
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (819,377) </FONT></P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (535,721) </FONT></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="42%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Fiscal interest</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (22,752) </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (31,153) </FONT></P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (18,762) </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="42%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Commercial interest</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2,958,366)
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,716,843)
      </FONT></P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (2,028,136) </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="42%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Bank fees and expenses</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (8,509) </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (2,883) </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (6,608) </FONT></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="42%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Total financial expenses</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(4,976,719)</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(2,570,256)</FONT></B></P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(2,589,227)</FONT></B></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="42%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="42%">
      <P style="MARGIN: 0cm 0cm 0pt"><U><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Other financial results</FONT></U></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>&nbsp;</TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></U>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" align=right>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="42%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Exchange differences</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3,130,769)
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (564,056) </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (911,819) </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="42%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Adjustment to present value of
    receivables</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(327) </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (431) </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      5,749 </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="42%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Changes in fair value of financial assets
      (1)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>746,532 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      474,896 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      891,773 </FONT></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="42%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Net gain from the repurchase of <BR>Corporate
      Notes</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>4,539 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      - </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      90 </FONT></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="42%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Contractual resolution of real estate asset (Note
      37)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>500,803 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      - </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      - </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="42%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Other financial expense</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (86,098) </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (78,877) </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (73,096) </FONT></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="42%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Total other financial expense</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(1,965,320)</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(168,468)</FONT></B></P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(87,303)</FONT></B></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="42%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Total net financial expense</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(6,270,256)</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(2,284,920)</FONT></B></P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(2,291,937)</FONT></B></P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 42.55pt; TEXT-INDENT: -21.25pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>(1)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>Includes
changes in the fair value of financial assets on cash equivalents as of December
31, 2018, 2017 and 2016 for $ 43.4 million, $ 37.3 million and $ 39.6 million,
respectively.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; TEXT-INDENT: 35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT></B>&nbsp;</P>
<a name="_bclFooter69"></a><DIV>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT size=+0></FONT><FONT lang=ES-AR style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></DIV>
<DIV></DIV>
<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face=Arial>65</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_70></A>
<DIV align=left>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD>
      <DIV>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL
      STATEMENTS</FONT></B></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt"><FONT color=#a6a6a6 face=arial,sans-serif><FONT size=+0><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></FONT><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>
<a name="_bclHeader70"></a><DIV>
<DIV align=left>&nbsp;</DIV>
<DIV align=left><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 34 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman"> </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Basic and
diluted earnings per share</FONT></B></DIV></DIV>
<P style="MARGIN: 0in 0in 0pt 70.9pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></I></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 70.9pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Basic</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The basic earnings per share are calculated by dividing
the profit attributable to the holders of the Company&#8217;s equity instruments by
the weighted average number of common shares outstanding as of December 31, 2018
and 2017, excluding common shares purchased by the Company and held as treasury
shares. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The basic earnings per share coincide with the diluted
earnings per share, inasmuch as the Company has issued neither preferred shares
nor Corporate Notes convertible into common shares.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="41%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;12.31.18 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;12.31.17 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;12.31.16 </FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="41%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Profit
      (Loss) for the year attributable to the owners of the Company
    </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>4,297,466 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      5,080,635 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      240,771 </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="41%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Weighted average number of common shares
      outstanding</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>890,492 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      898,280 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      897,043 </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="41%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Basic
      and diluted&nbsp; profit (loss) earnings per share &#8211; in
      pesos</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></B><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>4.83 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      5.66 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      0.27 </FONT></B></P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt; TEXT-INDENT: -49.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 35 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman"> </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Related-party
transactions</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.9pt; TEXT-INDENT: -57.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The following transactions were carried out with related
parties:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 99.25pt; TEXT-INDENT: -28.35pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>a.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Income</FONT></P>
<P style="MARGIN: 0in 0in 0pt 99.25pt; TEXT-INDENT: -28.35pt">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><I><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Company</FONT></I></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="26%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><I><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Concept</FONT></I></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="13%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;12.31.18 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="13%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;12.31.17 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;12.31.16 </FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="26%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>CYCSA</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="26%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>Other income </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      - </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      - </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      17,686 </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>PESA</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="26%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Impact study</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      149 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      - </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      - </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="26%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Electrical assembly service</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      11,161 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      4,263 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      - </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>SACDE</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="26%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Reimbursement expenses</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      32,993 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      - </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      - </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Transener</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="26%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Reimbursement expenses</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      - </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      369 </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Transba</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="26%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Reimbursement expenses</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      - </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      - </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      553 </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="26%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      44,303 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      4,263 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      18,608 </FONT></B></P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 99.25pt; TEXT-INDENT: -28.35pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>b.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Expense</FONT></P>
<P style="MARGIN: 0in 0in 0pt 99.25pt; TEXT-INDENT: -28.35pt">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><I><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Company</FONT></I></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="27%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><I><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Concept</FONT></I></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12.31.18</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12.31.17</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;12.31.16 </FONT></B></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="27%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>PESA</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="27%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Technical advisory services on financial
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    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(86,098) </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (60,944) </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (67,642)
      </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>SACME</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="27%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Operation and oversight of the electric power
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    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(81,698) </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (68,960) </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (65,298)
      </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Salaverri, Dellatorre, Burgio y Wetzler
      Malbran</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="27%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Legal fees</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      - </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (876) </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (6,365) </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>PYSSA</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>
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    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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  <TR>
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      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>OSV</FONT></P></TD>
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      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11,474)
      </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>ABELOVICH, POLANO&nbsp; &amp; ASOC.</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="27%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Legal fees</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (1,310) </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (712) </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      - </FONT></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="27%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (188,627)
      </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (150,457)
      </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (149,891)
      </FONT></B></P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 99.25pt; TEXT-INDENT: -28.35pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>c.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Key Management personnel&#8217;s remuneration</FONT></P>
<P style="MARGIN: 0in 0in 0pt 99.25pt">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="38%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12.31.18</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12.31.17</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12.31.16</FONT></B></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="38%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Salaries </FONT></P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      194,040 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      250,646 </FONT></P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 229,206
      </FONT></P></TD></TR>
  <TR>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="38%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      194,040 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap align=right>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      250,646 </FONT></B></P></TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 229,206
      </FONT></B></P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0cm 0cm 10pt"><FONT face=georgia><FONT lang=ES-AR style="FONT-SIZE: 10pt" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT></P>
<a name="_bclFooter70"></a><DIV>
<P></P>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT size=+0></FONT><FONT lang=ES-AR style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></DIV>
<DIV></DIV>
<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face=Arial>66</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_71></A>
<DIV align=left>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD>
      <DIV>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL
      STATEMENTS</FONT></B></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt"><FONT color=#a6a6a6 face=arial,sans-serif><FONT size=+0><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></FONT><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>
<a name="_bclHeader71"></a><DIV>
<DIV align=left></DIV></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.9pt; TEXT-INDENT: -57.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The balances with related parties are as
follow:</FONT></P>
<P style="MARGIN: 0in 0in 0pt 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 99.25pt; TEXT-INDENT: -28.35pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>d.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Receivables and payables</FONT></P>
<P style="MARGIN: 0in 0in 0pt 99.25pt; TEXT-INDENT: -28.35pt">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12.31.18</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12.31.17</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;12.31.16 </FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%">
      <P style="MARGIN: 0cm 0cm 0pt"><I><U><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Other receivables - Non
current</FONT></U></I></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>SACME</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      4,662 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      8,015 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" noWrap align=right>&nbsp;</TD></TR>
  <TR>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      4,662 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap align=right>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      8,015 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap align=right>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      - </FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap align=right>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%">
      <P style="MARGIN: 0cm 0cm 0pt"><I><U><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Other receivables - Current</FONT></U></I></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap align=right>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>SACME</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      766 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap align=right>&nbsp;</TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>1131</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap align=right>&nbsp;</TD>
    <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>PESA</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      1,180 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      483 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" noWrap align=right>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      1,946 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap align=right>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      1,614 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap align=right>&nbsp;</TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      - </FONT></B></P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The other receivables with related parties are not secured
and do not accrue interest. No allowances have been recorded for these concepts
in any of the periods covered by these financial statements.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>According to IAS 24, paragraphs 25 and 26, the Company
applies the exemption from the disclosure requirement of transactions with
related parties when the counterpart is a governmental agency that has control,
joint control or significant influence. As of December 31, 2018, the ANSES holds
Corporate Notes of the Company due in 2022 for $ 752 million (USD 20 million
nominal value). </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The agreements with related parties that were in effect
throughout fiscal year 2018 are detailed below:</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></I>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 35.45pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>(a)&nbsp;&nbsp; </FONT></I><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Agreement
with </FONT></I><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>SACME</FONT></I></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 35.45pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></I>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>In
the framework of the regulation of the Argentine electric power sector
established by Law No. 24,065 and SEE Resolution No. 61/92, and after the
awarding of the distribution areas of the city and metropolitan area of Buenos
Aires to </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>edenor</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif> and Edesur
S.A., the bidding terms and conditions of the privatization provided that both
companies were required to organize SACME to operate the electric power
supervision and control center of the transmission and sub-transmission system
that feeds the market areas transferred to those companies. For such purpose, on
September 18, 1992 SACME was organized by </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>edenor</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif> and Edesur
S.A.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The purpose of this company is to manage, supervise and
control the operation of both the electric power generation, transmission and
sub-transmission system in the City of Buenos Aires and the Buenos Aires
metropolitan area and the interconnections with the Argentine Interconnection
System, to represent Distribution Companies in the operational management before
CAMMESA, and, in general, to carry out the necessary actions for the proper
development of its activities.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The share capital of SACME is divided into 12,000 common,
registered non-endorsable shares, of which 6,000 Class I shares are owned by
</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>edenor</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif> and 6,000
Class II shares are owned by Edesur S.A.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The operating costs borne by the Company during fiscal
year 2018 amounted to $ 81.6 million.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 35.45pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>(b)&nbsp;&nbsp; Agreement with EASA</FONT></I></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The agreement stipulates the provision to the Company of
technical advisory services on financial matters for a term of five years to
commence as from September 19, 2015. The term of the agreement will be extended
if so agreed by the parties. In consideration of these services, the Company
pays PESA an annual amount of USD 2.5 million.&nbsp; Any of the parties may
terminate the agreement at any time by giving 60 days&#8217; notice, without having to
comply with any further obligations or paying any indemnification to the other
party. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Due to the merger process of EASA and its parent IEASA
with and into CTLL, and, in turn, of CTLL with and into PESA, the amount
stipulated in the agreement in consideration of the services will be paid to the
acquiring and surviving company/companies of EASA.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 35.45pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></I>&nbsp;</P>
<a name="_bclFooter71"></a><DIV>&nbsp;<FONT face=georgia><FONT lang=ES-AR style="FONT-SIZE: 10pt" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>
<P></P>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT size=+0></FONT><FONT lang=ES-AR style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></DIV>
<DIV></DIV>
<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face=Arial>67</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_72></A>
<DIV align=left>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD>
      <DIV>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL
      STATEMENTS</FONT></B></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt"><FONT color=#a6a6a6 face=arial,sans-serif><FONT size=+0><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></FONT><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>
<a name="_bclHeader72"></a><DIV>
<DIV align=left> </DIV></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 35.45pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>(c)&nbsp;&nbsp;&nbsp; Or&#237;genes Seguros de
Vida</FONT></I></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>In
the framework of the process for the taking out of the mandatory life insurance
for its personnel, the Company invited different insurance companies to submit
their proposals. After having been analyzed, the one submitted by OSV was
selected as the best proposal. This transaction was approved by the Company&#8217;s
Board of Directors at the Board meeting held on March 7, 2018, with the Auditing
Committee&#8217;s prior favorable opinion.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The operating costs borne by the Company in fiscal year
2018 amounted to $ 19.5 million.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 35.45pt"><I><FONT lang=ES-AR style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>(d)&nbsp;&nbsp;&nbsp; Fidus Sociedad de Garant&#237;a
Rec&#237;proca</FONT></I></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 35.45pt"><I><FONT lang=ES-AR style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></I>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>The Company&#8217;s Board of Directors, at its meeting of
December 4, 2018, approved the making of a contribution of funds to Fidus SGR
for a sum of $ 25.0 million, in the capacity as protector partner and with the
scope set forth in Law No. 24,467. In this manner, the Company expects to
strengthen the relationship with its suppliers by giving them the possibility of
facilitating an improvement in financing conditions.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 35.45pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>(e)&nbsp;&nbsp;&nbsp; SACDE</FONT></I></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Throughout 2018, due to the agreement entered into by and
between the Federal Government and SACDE for the construction of the Presidente
Per&#243;n highway&#8217;s extension, the Company received from SACDE requests for moving
certain facilities owned by the Company located in some specific places of the
referred to highway&#8217;s path. As stipulated in edenor&#8217;s Concession Agreement, the
entire cost of the removals in question is to be borne by the requesting party;
therefore, the Projects and Permits Area of the Company&#8217;s Operations Department
prepared the respective works budgets in accordance with the Price List in
effect, with the related percentages for contingencies and edenor&#8217;s fee for the
Project, works oversight and associated electric operations, in addition to the
estimated time period for the completion of the works. Given that SACDE is a
related party under the terms of the Law on Capital Markets, the aforementioned
works contracts were approved by the Board of Directors at the Board meetings
held on April 25, 2018 and January 30, 2019.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The ultimate controlling company of </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>edenor</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif> is
PESA.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 56.7pt; TEXT-INDENT: -56.7pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 36 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Safekeeping of documentation</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt 35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>On
August 14, 2014, the CNV issued General Resolution No. 629 which introduced
changes to its regulations concerning the safekeeping and preservation of
corporate books, accounting books and commercial documentation. In this regard,
it is informed that for safekeeping purposes the Company has sent its workpapers
and non-sensitive information, whose periods for retention have not expired, to
the warehouses of the firm Iron Mountain Argentina S.A., located at</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>:</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 55.7pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=georgia>-</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>1245 Azara St. &#8211; City of Buenos Aires</FONT></P>
<P style="MARGIN: 0in 0in 0pt 55.7pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=georgia>-</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>2163 Don Pedro de Mendoza Av. &#8211; City of Buenos
Aires</FONT></P>
<P style="MARGIN: 0in 0in 0pt 55.7pt; TEXT-INDENT: -0.25in"><FONT lang=PT-BR style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=georgia>-</FONT><FONT lang=PT-BR style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=PT-BR style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>2482 Amancio Alcorta Av. &#8211; City&nbsp; of Buenos
Aires</FONT></P>
<P style="MARGIN: 0in 0in 0pt 55.7pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=georgia>-</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Tucum&#225;n St. on the corner of El Zonda, Carlos Spegazzini
City, Ezeiza, Province of Buenos Aires</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The detail of the documentation stored outside the
Company&#8217;s offices for safekeeping purposes, as well as the documentation
referred to in Section 5 sub-section a.3) of Caption I of Chapter V of Title II
of the Regulations (Technical Rule No. 2,013, as amended) is available at the
Company&#8217;s registered office.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 10pt">&nbsp;<FONT face=georgia><FONT lang=ES-AR style="FONT-SIZE: 10pt" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT size=+0></FONT><FONT lang=ES-AR style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></DIV>
<DIV></DIV>
<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face=Arial>68</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_73></A>
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      <DIV>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL
      STATEMENTS</FONT></B></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt"><FONT color=#a6a6a6 face=arial,sans-serif><FONT size=+0><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></FONT><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>
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<DIV align=left> </DIV></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt; TEXT-INDENT: -49.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 37 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Termination
of agreement on real estate asset</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>With the aim of concentrating in one single building the
Company&#8217;s centralized functions, and reducing rental costs and the risk of
future increases, in November 2015, the Company acquired from RDSA (the
&#8220;seller&#8221;) a real estate asset to be constructed, for a total amount of USD 46
million -equivalent to $ 439.3 million at the exchange rate in effect at the
time of entering into the purchase and sale agreement. To guarantee payment of
liquidated damages in case of termination on account of the seller&#8217;s default,
the Company received a surety bond issued by Aseguradores de Cauciones S.A.
Compa&#241;&#237;a de Seguros for up to the maximum amount of USD 46 million, plus the
private banks&#8217; Badlar rate in dollars + 2%.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The real property had to be delivered by the seller to the
Company on June 1, 2018, which the seller failed to comply. Therefore, the
Company declared the seller in default, notifying the insurance company that
issued the surety bond of such situation, and collected USD 502.8 thousand in
fines accrued during the term of the purchase and sale agreement and duly
deposited as bond by the seller for failing to meet the construction project
milestones agreed upon in the agreement, amount which was recorded in the Other
operating expense, net line item of the Statement of Comprehensive
Income.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>On
August 27, 2018, upon expiration of the legal time periods set forth in the
agreement, the Company notified RDSA of the termination of the agreement on
account of its default, demanding payment of the liquidated damages: refunding
of the purchase price, plus 15% interest in dollars from the purchase price
payment date until the day of default, less the delay penalty amounts indicated
in the preceding paragraph. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Furthermore, on September 3, 2018, the Company filed a
claim against the bond with the insurance company, and subsequently provided the
additional documentation and information that had been required.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Due to RDSA&#8217;s failure to reimburse the purchase price plus
interest, in November 2018, the Company initiated an arbitration process against
RDSA before the Arbitral Tribunal of the Buenos Aires Stock Exchange in order
for RDSA to be ordered to pay the liquidated damages stipulated in the purchase
and sale agreement, which, as of December 31, 2018 amounts to $ 3 billion. As of
to date, said process is in process</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#323e4f face="calisto mt">.
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Additionally, the Company initiated the process aimed at
collecting the surety bond that guaranteed RDSA&#8217; obligation, which under the
terms of the insurance policy results in a claim for USD 50.3 million, covering
more than 60% of the amount claimed to RDSA.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#323e4f face="calisto mt"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>In
the opinion of our legal advisors, the Company&#8217;s right to collect the credit is
based on extremely solid arguments; therefore, the award in the aforementioned
arbitration process against RDSA as well as the outcome of the lawsuit that
could eventually be filed against Aseguradora de Cauciones if it fails to comply
with the payment of the above-mentioned surety bond, should be favorable to the
Company.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>However, taking into consideration that on February 1,
2019 RDSA filed a voluntary petition for reorganization proceedings, and that on
February 28, 2019 the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Official
Gazette</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif> published Resolution No. 207/2019 of the National
Insurance Superintendency forbidding Aseguradora de Cauciones from entering into
new contracts and maintaining the prohibition to dispose of property until the
latter&#8217;s deficitary situation is rectified, the Company has recorded an
allowance to partially cover the amount of the receivable, considering the
possibility of its recovery, not because of the quality of its right, about
which there is no doubt, but rather because of the financial position of its
debtors, RDSA and Aseguradora de Cauciones. Accordingly, the balance of the
recorded receivable as of December 31, 2018, net of allowances, amounts to $
765.6 million (Note 11).</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT></B>&nbsp;</P>
<a name="_bclFooter73"></a><DIV>&nbsp;<FONT face=georgia><FONT lang=ES-AR style="FONT-SIZE: 10pt" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>
<P></P>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT size=+0></FONT><FONT lang=ES-AR style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></DIV>
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<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face=Arial>69</FONT></P>
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      <DIV>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL
      STATEMENTS</FONT></B></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt"><FONT color=#a6a6a6 face=arial,sans-serif><FONT size=+0><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></FONT><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>
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<DIV align=left></DIV></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 56.7pt; TEXT-INDENT: -56.7pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 38 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman"> </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;Ordinary and Extraordinary Shareholders&#8217;
Meeting</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: 35.45pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></I>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The Company Ordinary and Extraordinary Shareholders&#8217;
Meeting held on April 26, 2018 resolved, among other issues, the
following:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 63.8pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=georgia>-</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>To
approve </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>edenor&#8217;s</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif> Annual
Report and Financial Statements as of December 31, 2017;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 63.8pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=georgia>-</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>To
allocate the profit for the year ended December 31, 2017 to the absorption of
accumulated losses;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 63.8pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=georgia>-</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>To
approve the actions taken by the Directors and Supervisory Committee members,
together with their respective remunerations;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 63.8pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=georgia>-</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>To
appoint the authorities and the external auditors for the current fiscal
year;</FONT></P>
<P style="MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=blue face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=blue face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=blue face=arial,sans-serif></FONT>&nbsp;</P>
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      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>RICARDO
      TORRES</FONT></B></P></TD></TR>
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<P style="BACKGROUND: white; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.75in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Empresa Distribuidora y Comercializadora Norte S.A.</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;</FONT><U><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">/s/ Leandro Montero</FONT></U></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Leandro Montero</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Chief Financial Officer</FONT></P></TD></TR></TABLE></DIV>

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<P style="BACKGROUND: white; MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Date: <FONT style="FONT-SIZE: 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">March </FONT></FONT>21, 2019</FONT></P>

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